John,

In 2010, the Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB) to prevent a financial crisis like the 2008 collapse of the housing bubble, in which millions of Americans lost their jobs and millions more lost their homes or owed more on them than they were worth.

Predatory lending strategies by the big banks without full disclosure of the costs and risksto consumers were one of the leading causes of this crisis, so the CFPB was created to hold financial companies accountable, with transparency about the costs and risks associated with their products. Since 2010, the CFPB has returned to consumers billions of dollars gained through fraud and abuse.

In order to maintain its independence from the annual congressional funding cycles, the CFPB is funded by fees paid by the banks themselves, like other regulatory agencies such as the Federal Reserve and the FDIC. Hoping to destabilize the CFPB’s funding sources and subject it to “death by a thousand cuts,” the Big Banks are pushing for the CFPB Transparency and Accountability Reform Act, recently passed by the House Financial Services Committee.

We cannot let the GOP and the Big Banks destroy the Consumer Financial Protection Bureau. Send a message to Congress today telling them to reject the CFPB Transparency and Accountability Reform Act, and any legislation that would break up the CFPB.

The CFPB’s funding structure is also under attack by payday lending agencies, finding their loan shark tactics under scrutiny. They sued, claiming the funding was unconstitutional, even though it follows that of the FDIC and the Federal Reserve. The Supreme Court is reviewing the case.

But the CFPB continues to do essential work to protect consumers. Since 2011, the CFPB has returned nearly $16 billion returned to over 192 million Americans harmed by illegal and deceptive corporate practices.

The CFPB also protects honest businesses, as it provides clear ground rules for businesses to engage fairly with consumers. The current bill would add procedural hurdles to the CFPB’s ability to perform cost-benefit analyses and make rules -- which would give deceitful lenders a clear advantage over honest ones.

Please urge Congress to reject the CFPB Transparency and Accountability Reform Act. which would harm consumers and weaken oversight of the financial system.

Thank you for helping counter the Big Banks’ financial fraud and abuse.

- Amanda

Amanda Ford, Director
Democracy for America
Advocacy Fund