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John,

Over the weekend, we were on the brink of a government shutdown. As we approached the deadline to pass legislation, we were reminded of the disproportionate impact a shutdown would have on millions of Black and Brown families, workers, and businesses. In critical moments like these, the legacy of systemic racism is on full display in the form of a widening racial wealth divide.

Predatory financial practices only help to worsen this divide. Soon, the Supreme Court may effectively defund the federal agency that fights against these harmful practices.

In a case brought by a payday lending group, last year the Fifth Circuit Court ruled the funding process for the Consumer Financial Protection Bureau (CFPB) was unconstitutional. Tomorrow, the Supreme Court will hear arguments around that decision and begin to decide the fate of this vital institution.

It's up to us to help ensure that the CFPB can continue to protect low-income households and communities of color against predatory banking. Urge your Member of Congress: Defend the protections combating predatory financial practices. [[link removed]]

The CFPB is a federal agency created after the 2008 financial crisis to protect consumers from discrimination and exploitation, support renters and homeowners, eliminate bad actors in the marketplace, and establish fair rules and regulations for businesses.

If the Supreme Court upholds the lower court’s decision, it will reduce the bureau’s ability to keep high-cost lenders, debt collectors, and credit bureaus in check. Ultimately the CFPB would be left vulnerable to congressional shutdowns like the one we just narrowly avoided, budget paralysis, and constant threats to the funding it needs.

Take action today and tell Congress: The CFPB is critical to a fair and just economy. [[link removed]] At Prosperity Now, we are dedicated to building an economy that allows everyone to thrive, and one of our most powerful allies is the CFPB. This important agency is in danger of being weakened and defunded, leaving millions of people, especially families of color working to make ends meet, at risk of exploitative business practices and corporate wrongdoers.

Here’s why the Bureau is critical to ensuring a fair and just economy. The CFPB has:

Returned $13.5 billion to the pockets of 175 million people who have been harmed by unlawful business practices;

Ordered corporate wrongdoers to pay $1.8 billion in civil penalties;

Issued rules and guidance to make the credit reporting, debt collection, mortgage servicing, credit card, and banking industries more transparent, equitable, and accountable to the public; and

Fought discrimination in the banking, credit, and housing marketplaces, protecting consumers from being denied services or charged higher rates because of their race, sexuality, gender identity, or national origin.

It’s up to us to help ensure that the CFPB can continue to protect low-income households and communities of color against predatory banking. We need to let Congress know that we expect them to make our economy work for the people, not big banks.

So often, systems and structures have not been built to serve Black and Brown communities. Take action today and fight for financial protections for all of us — in the Courts, in Congress, and beyond. [[link removed]]

In Solidarity,

Alejandra Montoya-Boyer

Director of Policy

Prosperity Now

1200 G Street NW, Suite 400, Washington, DC xxxxxx

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