The Threat to the CFPB – and How You Can Help

February 12, 2025

The “reconciliation” bill represents the latest attempt to eviscerate the CFPB and hobble its ability to protect consumers when they are wronged by Wall Street banks and cheated on Big Tech payment apps. 

The gravity of this attack cannot be overstated. The bill would slash CFPB funding by 70% and effectively eliminate a penalty fund that provided over $1 billion to people, including servicemembers abroad, who were harmed by companies that went out of business or had no funds to compensate their victim.

The CFPB was created by Congress to fix problems that caused over eight million people to lose their jobs and almost ten million  families to lose their homes during the Great Recession. The CFPB saves homes, stops fraud that ruins lives, and enforces key laws, securing $21 billion in relief for over 200 million people harmed by credit bureaus, big banks, debt collectors and predatory lenders.

It is critical that consumers and advocates reach out to their elected representatives to urge them to reject the reconciliation bill and uphold the essential role of the CFPB in protecting people from unfair, deceptive, and abusive financial practices.

The reconciliation bill and illegal actions to shut down the CFPB threaten to halt work to safeguard people’s private information, protect bank customers when hackers raid their accounts, and help families save their homes when they’re unfairly rushed to foreclosure.

In addition to contacting Congress, we are urging those of you on the ground to submit letters to the editor in your local papers to urge your Representatives to oppose efforts to shut down the CFPB. Writing a letter to the editor (LTE) of your local or regional newspaper is a quick and effective way to reach a targeted audience. Here are tips to help you write and place an effective letter.

Thank you for joining us in this fight.