The Consumer Financial Protection Bureau (CFPB) has returned roughly $11.8 billion to 29 million consumers since its inception in 2011. Most recently, the CFPB fined Wells Fargo $100 million for its illegal practice of opening unauthorized accounts.
“Drain the swamp?!” Nope. Instead, Donald Trump promised to gut this agency. The Republicans doubled down on this and recently introduced two companion bills that would eliminate the bureau altogether. Senator Ted Cruz (R-Texas) introduced the Senate Bill (S.370) with 7 co-sponsors (including our own Sen. Mike Lee) and Representative John Ratcliffe (R-Texas) introduced the House Bill (H.R. 1031), which now has 27 co-sponsors. If passed, these bills would repeal Title X of the Dodd-Frank Act, which established the CFPB.
All-of-us need this watchdog agency to survive and thrive, especially in this swampy administration.
CALL TO ACTION
- Call your Members of Congress to express support for the Consumer Financial Protection Bureau. Ask them to vote against [Senate Bill S.370] or [House Bill H.R. 1031]. Remind them the Consumer Financial Protection Bureau has supported the public against fraudulent business practices and are needed them more than ever.
- In District 4? House bill H.R. 1031 has been referred to the House Financial Services Committee on which Representative Mia Love is currently a member. Be sure she knows this agency matters to Utahns!
Senator Orrin Hatch – D.C. (202) 224-5251, UT (435) 586-8435
Senator Mike Lee – D.C. (202) 224-5444, UT (801) 392-9633
Rep. Rob Bishop (UT01) – D.C. (202) 225-0453, UT (801) 625-0107
Rep. Chris Stewart (UT02) – D.C. (202) 225-9730, UT (801) 364-5550
Rep. Jason Chaffetz (UT03) – D.C. (202) 225-7751, UT (801) 851-2500
Rep. Mia Love (UT04) – D.C. (202) 225-3011, UT (801) 996-8729
Not sure who your U.S. Representative is? Find out here.
(Adapted from wall-of-us.org)