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Abolish CFPB and We Lose Critical Consumer Protection

CFPB Sign

There is legislation in both the House and Senate that would abolish an agency created with the goal of making sure Americans are treated fairly by banks, lenders and other financial companies. Although it’s barely seven years old, the Consumer Financial Protection Bureau (CFPB) has already returned nearly $12 billion to customers who were victims of illegal practices. The agency has handled more than 1 million complaints from consumers and has a whopping 97 percent success rate in getting timely responses from companies for consumers with complaints. 

You may have read about CFPB’s latest victories for consumers in the news, because they were big—as in tens of millions of dollars big. A few weeks ago, CFPB won an estimated $10 million in restitution to tens of thousands of consumers who purchased prepaid credit cards called RushCards and couldn’t access their money or customer support during an October 2015 service disruption. And to help consumers moving forward, a CFPB rule on prepaid cards and accounts will take effect this year making prepaid cards safer to use and requiring clear, upfront information about accounts.

Last fall, CFPB made news when it uncovered a Wells Fargo scheme that caused consumers to rack up bank fees for new accounts they never signed up for in order to meet the bank’s sales goals. The bank was ordered to pay a historic $100 million fine and change its sales practices.

Even if you don’t have a complaint, CFBP’s website offers tools and information to help consumers make informed financial decision on everything from getting a car loan and buying a home to dealing with debt collectors and planning for retirement.

CFPB plays a vital role in protecting consumers from deceptive, or even abusive practices and make financial markets fair for all Americans. NTEU is committed to protecting the agency and the skilled, dedicated employees who do its important work every day. Take action