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John,

For 14 years, the Consumer Financial Protection Bureau (CFPB) has had your back and mine, working to keep all Americans safe from financial abuse and deceit.[1]

But this federal ally of the consumer is in danger of losing its staffing in Washington, D.C.

Given PIRG's long history with the CFPB -- dating back to the days when the bureau was just an idea -- we thought supporters like you could use an explanation of what's at stake.

When the 2007-08 financial crisis hit, millions of Americans lost their homes, jobs, and retirement savings. That's partly because we didn't have a federal agency dedicated to holding the financial industry accountable on behalf of consumers.[2]

That's why, in the wake of the Great Recession, PIRG co-founded and worked with a broad coalition of advocates to establish the CFPB.[3]

In 2010, President Obama signed Wall Street Reform into law, which created the country's first dedicated watchdog for consumers in the financial marketplace.[4]

For the last 14 years, the CFPB has worked in numerous ways to make the financial marketplace more transparent and fair for consumers.

The CFPB published research casting a spotlight on the hefty overdraft fees charged by many banks. Faced with the unwanted attention, major banks made their overdraft fees less onerous.[5]

The Bureau also highlighted how medical debt can wreak havoc with consumer credit scores. In the wake of the publicity, the three major credit bureaus erased some medical debt from credit reports.[6]

All told, the CFPB has provided more than $21 billion in consumer relief, taken more than 300 enforcement actions against financial misdeeds, and processed more than 11 million consumer complaints -- providing consumers with a watchdog and an advocate in our government when and where we need them most.[7,] 8, 9

Despite these victories, the CFPB has faced efforts to defund it and undermine its mission. Right now, the CFPB's acting director plans to shut down the CFPB.[10,11]

Without the CFPB, consumers would lose a powerful federal deterrent against fraud, excessive charges and other deceptive practices on the part of credit card companies, banks and other financial institutions.

If the 2008 financial crisis taught us anything, it's that the American consumer needs a watchdog on Wall Street. I hope you agree and will help spread the word: The CFPB works for all Americans.

Thank you,

Faye Park
President

P.S. We rely on the support of people like you to drive our campaigns to protect the CFPB and advocate for consumers. Make a contribution today to be a part of it.
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1. Mike Litt, "The CFPB's top 10 actions to protect consumers in 2024 (so far)," U.S. PIRG, July 18, 2024.
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2. "Building the CFPB," Consumer Financial Protection Bureau, August 18, 2023.
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3. Mike Litt, "The CFPB's top 10 actions to protect consumers in 2024 (so far)," U.S. PIRG, July 18, 2024.
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4. Mike Litt, "The CFPB's top 10 actions to protect consumers in 2024 (so far)," U.S. PIRG, July 18, 2024.
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5. Mike Litt, "Top 11 actions the CFPB has taken for consumers under Director Rohit Chopra," U.S. PIRG, July 19, 2022.
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6. Mike Litt, "Top 11 actions the CFPB has taken for consumers under Director Rohit Chopra," U.S. PIRG, July 19, 2022.
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7. "The CFPB," Consumer Financial Protection Bureau, December 12, 2024.
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8. "Enforcement by the Numbers," Consumer Financial Protection Bureau, January 30, 2025.
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9. "Consumer Complaint Database," Consumer Financial Protection Bureau.
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10. "White House budget director plans to shut US consumer finance watchdog within months," Reuters, October 15, 2025.
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11. Mike Litt, "How the CFPB protects veterans, the elderly and everyone," U.S. PIRG, April 28, 2025.
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U.S. PIRG
Main Office: 1543 Wazee St., Suite 460, Denver, CO 80202, (303) 801-0582
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