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.
Advocacy
Resources
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Updates
Statement: OMB’s Vought Threatens Unlawful Dismantling of CFPB
Today, OMB Director Russell Vought unlawfully claimed he would eliminate the Consumer Financial Protection Bureau in its entirety within the next few months. The relentless assault on the CFPB gives a green light to big banks, payday lenders, Big Tech platforms, and predatory financial apps to profit by deceiving and gouging people.
AFR in the News
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Consumer Reports: CFPB’s medical debt rule faces an uncertain future. States must work quickly to fill in the gaps
Christine Chen Zinner is the former consumer policy counsel for the Americans for Financial Reform Education Fund.
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The Well News: White House Budget Chief Announces Plan to Close Watchdog Financial Agency
“By shutting down the CFPB, Vought is just inviting big banks, predatory lenders, and Big Tech to nickel and dime working families, who are already struggling to make ends meet under Trumpflation.”
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Bloomberg Law: FTC Sees Dismantling of Consumer Watchdog as Growth Opportunity
“The FTC does not have additional authority to address those issues that it didn’t have prior to the financial crisis,” [said Patrick Woodall, the managing director for policy at Americans for Financial Reform.]
Statement: OMB’s Vought Threatens Unlawful Dismantling of CFPB
