In the audience at the House Financial Services Committee’s semi-annual CFPB review hearing this morning, you’ll see a delegation of community leaders and consumer advocates from around the country wearing lime-green t-shirts and signs that say, “The CFPB Has Our Back.”
Lime green is the color of the logo of the Consumer Financial Protection Bureau, the new agency created by the Dodd-Frank Act of 2010. Since it opened its doors in 2011, the Consumer Bureau has faced intense resistance from banks, lenders and their Congressional allies, including the leadership of the Financial Services Committee. While some lawmakers have strongly supported the Bureau in its efforts to protect consumers, others have aligned themselves with the big banks and lending companies in seeking to erode the Bureau’s independence, reduce its funding, and block specific rules and enforcement actions.
The t-shirt wearers are here to show their support for the CFPB’s mission and work in general and for its specific, ongoing efforts to:
- Rein in the abusive practices of triple-digit-interest debt-trap lenders;
- Tackle the problem of discriminatory auto lending;
- Bring rules of fair play to the out-of-control world of debt collection;
- Curb the use of take-it-or-leave-it forced arbitration clauses to bar wronged consumers from taking companies to court;
- Make credit reporting more accurate and transparent and debt collection less abusive; and
- Stand up for seniors, veterans and students struggling with unfair lending or servicing.
The participating organizations include Casa de Virginia, Center for Popular Democracy, Color of Change, Consumer Action, Consumers Union, Fair Budget Coalition, Habitat for Humanity, Leadership Conference on Civil and Human Rights, Main Street Alliance, NAACP, National Community Reinvestment Coalition, New Jersey Citizen Action, PennPIRG, Rootstrikers, Strong Economy for All, Washington Homeless Coalition, and Americans for Financial Reform.
Photos of Hearing
- CFPB Director Richard Cordray with t-shirt group
- Ranking member Maxine Waters with CFPB supporters
- Four CFPB supporters, front and back