The Trump administration and Wall Street's allies in Congress are looking to weaken or eliminate the Consumer Financial Protection Bureau. We can't let that happen.

You should be able to save, invest and manage your money without fear of being trapped, tricked or ripped off by the institutions you are trusting with your future. But as we've seen time and again, from Equifax to Wells Fargo, this isn't always the case. That’s why we need strong consumer protections in the financial marketplace.

We saw in 2008 what happens when Wall Street is allowed to engage in reckless, largely unchecked behavior. The financial crash and recession that followed made it clear how much we need fair, clear, transparent and enforceable rules to protect consumers. So our sister group U.S. PIRG helped create an independent agency whose sole mission is to create and enforce those rules — the Consumer Financial Protection Bureau.

  • <h4>The CFPB: Your Cop On The Consumer Beat</h4><p>After the 2008 economic collapse, it became clear that Americans needed stronger protections, and clearer rules on Wall Street. So in 2010, our sister group helped create the Consumer Financial Protection Bureau (CFPB), the only agency devoted to creating and enforcing fair, clear and transparent rules to protect consumers in the financial marketplace.</p>
  • <h4>Results For Victims Of Consumer Scams</h4><p>In six years, the Consumer Bureau has returned nearly $12 billion to 29 million people wronged by companies that broke the law, and they punished Wells Fargo for creating fake accounts.</p>
  • <h4>A Database Of Consumer Complaints</h4><p>The Consumer Bureau has an online database where people can submit their complaints on just about any financial problem they might be dealing with. So far, it’s processed more than 1.1 million of these complaints.</p>
  • <h4>Protecting Veterans And Service Members</h4><p>Veterans and members of the military are often targets for financial schemes and tricks. The Consumer Bureau enforces special laws designed to protect military family pocketbooks from high-cost financial products and out-and-out financial scams.</p>
  • <h4>Helping Students</h4><p>These days, the high cost of education is requiring many students to finance their education. The Consumer Bureau helps students understand the different options for paying off student loans, and protect themselves from unfair campus banking practices.</p>
  • <h4>Helping Older Americans</h4><p>Older Americans are often targets of financial exploitation, either by relatives or by a variety of scam artists. The Consumer Bureau has a special office to provide tips, advice and tools for older Americans as they make tough financial choices.</p>
  • <h4>Answering Consumer Questions</h4><p>How do I dispute an error on my credit report? How does foreclosure work? What is the difference between a fixed APR and a variable APR? When can I remove private mortgage insurance (PMI) from my loan? What is a remittance transfer? The CFPB can answer questions like these and more.</p>
  • <h4>The CFPB Is Under Attack</h4><p>The Trump administration and some members of Congress are pushing to weaken or even get rid of the CFPB. We need your help to make sure the CFPB maintains its independent funding, and gets a new director who is committed to executing the true mission of the CFPB.</p>
The CFPB Gets The Job Done

In just six years, the Consumer Bureau has been a huge success, returning nearly $12 billion to more than 29 million consumers wronged by companies that have broken the law. It has held big banks like Wells Fargo accountable for signing millions of customers up for fraudulent accounts without their knowledge. It has fined some of the big credit reporting agencies like Equifax for marketing fraud. And it has helped level the financial playing field, educating veterans, senior citizens, new homeowners, college students and low-income consumers on how to keep their finances secure.

The Consumer Bureau's success should be earning it applause in Washington, D.C. The idea that consumers deserve protection against fraud and other misleading practices is popular across the political spectrum.

Yet instead of cheering on the Consumer Bureau, the Trump administration and some members of Congress are pushing to weaken or even get rid of it. Last year, there were at least a dozen bills or resolutions against the CFPB, and the financial sector spent more than $2 billion during the 2016 election cycle trying to buy influence in Washington, D.C., through lobbying and campaign contributions — that’s more than $2.7 million a day.

In late 2017, the Trump administration appointed Office of Management and Budget Director Mick Mulvaney as "acting director" of the Consumer Bureau. Mr. Mulvaney has derided the very mission of the bureau, and his current actions are attempting to move the agency away from its mission.

President Trump's appointed CFPB Acting Director Mick Mulvaney has taken steps to weaken the bureau, and he recently signaled his intention to pull back on investigating the Equifax data breach.
Official White House Photo by Evan Walker
Keep Our Cops On The Financial Beat

Even with the Consumer Bureau on the job, many Americans are still at risk of reckless financial practices that threaten their homes, their retirement savings and their overall well-being. That’s why we don’t simply need the Consumer Bureau to exist: We need to make it even better by strengthening commonsense consumer protections, spreading the word about its success and potential, and defending it from constant attacks from Wall Street.