WASHINGTON-D.C. — The irony of the U.S. Chamber of Commerce, which has numerous corporate lawbreakers among its members, complaining about a government agency busting corporate lawbreakers is almost too thick for words.
WASHINGTON – In response to the Consumer Financial Protection Bureau’s (CFPB) call for public input on how to save Americans billions in junk fees charged by financial companies, leading consumer advocacy organizations submitted an extensive comment letter detailing junk fees across a wide range of consumer financial products and services. The letter was submitted by Americans for Financial Reform (AFR), the Center for Responsible Lending (CRL), Consumer Federation of America (CFA), the National Community Reinvestment Coalition (NCRC), and National Consumer Law Center (NCLC) (on behalf of its low-income clients).
AFR and more than 300 organizations urge members of Congress to oppose any poison pill financial reform policy riders, whether to put the CFPB under the normal Appropriations process, otherwise weaken the authority, structure or independence of the CFPB.
“The administration’s budget and Mick Mulvaney’s ‘strategic plan’ for the CFPB are transparent attempts to stop the agency from doing what it was designed to do: actually protect consumers.”said Lisa Donner, executive director, Americans for Financial Reform.
“Under the Trump administration, the Consumer Financial Protection Bureau has become the Payday Predator Protection Bureau,” said Sen. Jeff Merkley (D-Oregon). “Trump and his allies are blatantly trying to dismantle the bureau from the inside. If this isn’t a crystal clear example of the Trump administration governing of, by, and for the powerful rather than of, by, and for the people, then I don’t know what is.”
“A federal regulator announced new restrictions Thursday on the payday lending industry, a move that is likely to face resistance in Congress. The Consumer Financial Protection Bureau’s finalized rules largely reflect what the agency proposed last year. They are the first nationwide regulation of the industry, which had largely been left to the states.”
“Since most consumers cannot afford to take on a big corporation on their own, banks like Wells Fargo get away with ripping off large numbers of customers,” Amanda Werner, arbitration campaign manager with Americans for Financial Reform and Public Citizen, said in a statement. “This new rule will help prevent this kind of widespread fraud and ensure consumers can fight back.”
Today, a coalition of organizations representing workers, students, consumers, and borrowers delivered a petition with over 400,000 signatures calling on Congress to defend the crucial work of the Consumer Financial Protection Bureau.