[link removed] [[link removed]] CNBC: Trump administration and Musk’s DOGE plan to fire nearly all CFPB staff and wind down agency, employees say [[link removed]]
John,
The so-called Department of Government Efficiency is working to hobble and perhaps shutter the Consumer Financial Protection Bureau.
That’s ironic, considering that will almost certainly reduce government efficiency, not increase it.
If you already know you stand against DOGE’s attempts to gut the CFPB, then please, sign our petition to protect the CFPB → [[link removed]]
Sign the petition → [[link removed]]
Let me explain:
The CFPB was founded after the 2008 financial crisis, which was the worst economic downturn in the United States since the 1930s and the Great Depression. Experts attributed the financial crisis to reduced regulation and oversight of the financial services industry, increased risk-taking by that industry, and questionable financial products such as higher risk mortgages.
After the crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which established the CFPB as the only agency exclusively focused on enforcing federal consumer financial laws and protecting consumers against unfair, deceptive and abusive practices.
Since then, the CFPB has returned more than $21 billion to consumers through its supervisory and enforcement work. Not to mention their other work, such as the estimated $6.1 billion consumers will save each year as a result of recent bank fee policy changes related to CFPB’s work.
John, let’s do the math. Since the CFPB was founded in 2011, the CFPB has received approximately $7.3 billion from the Federal Reserve to fund its operations and returned more than $21 billion to American consumers.
That means that for every $1 the government has spent on the CFPB, more than $2 has been returned to the taxpayers. That’s the definition of government efficiency.
CREW has frequently pointed out that DOGE’s claim of wanting to maximize governmental efficiency doesn’t appear to be true; this move to gut the CFPB proves that.
Many of DOGE’s actions across the government appear harmful, ill-reasoned and legally and ethically questionable, but the potential consequences of their plan to dismantle the CFPB are particularly troubling.
Even industry groups regulated by the CFPB know that it benefits the financial sector. The Mortgage Bankers Association, the National Association of Home Builders and the National Association of Realtors explained in a 2023 court filing that “[l]enders, servicers, and consumers have operated by the CFPB’s guideposts for more than ten years, and without those rules substantial uncertainty would arise as to how to undertake mortgage transactions in accordance with federal law.”
If the Trump administration and DOGE were actually interested in taking on waste, fraud and abuse, they would be building up the CFPB, rather than tearing it down.
IIf you agree, please, sign our petition to protect the CFPB from DOGE’s attacks → [[link removed]]
Sign the petition → [[link removed]]
Thank you,
Jason Powell
Policy Director
CREW
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