Consumer Rights are Threatened.
The CFPB has done more to help the American consumer and rein in irresponsible lenders than any federal bureau in history. But legislation has been introduced to either eliminate the CFPB or render it toothless through restructuring.
But why? There is no credit crisis or credit shortage. The banks are thriving and credit is readily available.
Killing or restructuring the CFPB would only take us back to those dark times, just eight years ago, when we were on the brink of financial collapse. The banks and payday lender bigshots get even richer while the average consumer, who wants to borrow money for a home, a vacation, or an education, would be left unprotected. This threat to the CFPB is not someone else's problem. It's our problem.
Write to your Representative and Senator.
Use this sample letter to write to your representatives. State that you do not want them to vote to weaken or destroy the CFPB, nor change the law that created it. To find contact information for your senators and representatives, visit House.gov and Senate.gov.