Dear Friend,

Recently, the U.S. Supreme Court issued a ruling that upheld the funding structure of the Consumer Financial Protection Bureau (CFPB), rejecting an attempt by conservatives to undermine the CFPB and its important work to protect American consumers.

• Thanks to CFPB enforcement and supervisory work, nearly $21 billion has been returned to consumers via monetary compensation, principal reductions, canceled debts, and other consumer relief.
• In the wake of the CFPB’s heightened focus on overdraft and NSF fees, many banks have reduced fees, saving consumers over $6 billion annually.
• Also, thanks to CFPB attention, 23 million people have seen medical collections removed from their credit reports.
• Nearly $5 billion in civil penalties have been imposed by the CFPB on companies found to have violated federal consumer protection law, and that money has been used to compensate victims harmed by these violations.
• Earlier this month, the CFPB began distributing $384 million to 191,000 consumers, including more than 13,000 Illinoisans, who were deceived into repaying loans they did not owe.

These are just a few of the ways in which the CFPB has been protecting American consumers in the financial services marketplace over the past several years, an example of government working on behalf of hardworking people against powerful financial institutions.

Thanks to the Supreme Court ruling, the CFPB can continue its important work, and I will continue to work in Congress to make sure it has the resources and tools it needs to protect consumers.

Sincerely,

Bill Foster
Member of Congress