On October 3, 2023, the United States Supreme Court heard oral arguments in a case that threatens the viability and the very existence of the Consumer Financial Protection Bureau. If upheld, the dangerous decision by the U.S. Court of Appeals for the Fifth Circuit threatens more than a decade of work protecting consumers and enforcing regulations against deceptive practices by Wall Street and predatory lenders and could even destabilize a wide range of agencies from the Federal Reserve Board to the Social Security Administration.
The public has been well served by the CFPB over its 13-year history, with the Bureau returning nearly $20 billion in restitution and canceled debts to tens of millions of consumers. Not surprisingly, its mission is popular with majorities of Democrats, Republicans and independents.
We don’t know if members of the Court will reject the specious arguments threatening the funding structure approved by Congress, but we can’t wait to begin building public and congressional support for the CFPB.
We are urging those of you on the ground to submit letters to the editor in your local papers highlighting examples of the devastating problems you are seeing and how consumers need the CFPB’s help.
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 and talking points and facts concerning the Fifth Circuit’s ruling.
Maybe the CFPB helped your client get relief from a bank that charged an improper junk fee. Maybe you see the abuses of the credit bureaus or overdraft fees that the CFPB plans to rein in with new rules that are coming. Maybe you have seen the impact of predatory lending of the type that the CFPB has attacked in recent enforcement actions. Whatever you are seeing, get out the word.
We also urge you to reach out to your senators and representatives to convey your support for the CFPB and to provide examples of why the agency is needed. Well-written letters from their constituents can have a big influence on legislators’ priorities and decisions. Follow these simple steps to ensure your letter is as effective as possible. Or simply send them a copy of your letter to the editor.
We need to take every opportunity to highlight the critical work the CFPB does to protect American consumers. Stay tuned for more information about webinars, social media outreach, and actions you can take.
Thank you for joining us in this fight.
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