349 consumer, civil rights, labor, legal services and community organizations, and academics write to urge Congress to demand action to restore a strong and independent Consumer Financial Protection Bureau (CFPB). The groups further urge Congress to oppose changes to the CFPB’s funding, structure or other changes that would weaken its ability to stand up for consumers, competition and a fair financial marketplace.
The CFPB, created after the devastating 2008 financial crisis, has worked to protect consumers and responsible industry players alike. The CFPB has obtained over $21 billion in relief for over 200 million people, including $363 million for servicemembers and veterans, and its consumer protection mission continues to be overwhelmingly supported on a bipartisan basis. The CFPB has worked to support a healthy, sustainable housing market, improve credit reports, crack down on junk fees, reduce the burdens of medical and student debt, fight lending discrimination, and promote safe banking practices and banking competition. Now more than ever, we need a strong CFPB that will continue to keep our personal financial data safe, protect our privacy, and fight fraud.
Congress created the CFPB, and Congress must support ordinary people and fair competition by standing up for a strong and independent CFPB.
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