They rip people off to the tune of tens of billions of dollars a year, punish people for not being rich with higher fees and higher rates, and worsen the racial wealth gap. The Consumer Financial Protection Bureau was created to stop this kind of abusive corporate behavior, and to hold financial companies accountable when they break the law.
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Updates
Press Release: CFPB Abandons Mandate to Protect People From Discrimination in Credit Markets
Today, the Consumer Financial Protection Bureau (CFPB) took the unprecedented step of eliminating key anti-discrimination protections under a final rule that will give lenders a free pass to discriminate and cut off access to critical lending programs put in place to help people long locked out of fair access to credit opportunities to build wealth.
AFR in the News
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Bloomberg Law: Vought’s New CFPB Plan Leaves Opening for Agency Resurgence
“This layoff plan retains some core functions, but, absent court review, there is nothing stopping CFPB leadership from firing the remaining staff down the line,” Tom Feltner, the associate director of consumer policy at the Americans for Financial Reform Education Fund and a former CFPB official, said in a statement.
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WebProNews: The Gutting of the CFPB: Inside the Trump Administration’s Plan to Reduce America’s Consumer Watchdog to a Skeleton Crew
Consumer advocacy groups have been sounding the alarm for months. The National Consumer Law Center called the proposed cuts “an existential threat to consumer protection in the United States.” Americans for Financial Reform warned that the decimation of the CFPB would leave consumers exposed to the same predatory lending practices that fueled the 2008 mortgage…
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Credit and Collection News: Nearly 100 Groups Are Standing Up for a Strong, Robust, and Independent CFPB
“Wall Street and Silicon Valley would like nothing more than to take down the agency that safeguards the financial security of everyday families and make it easier to rip people off without consequences,” said Tom Feltner, associate director of consumer policy at the Americans for Financial Reform. “The CFPB needs the funding and independent leadership…