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Action-A-Day 3/1: Stop Congress from Eliminating the Consumer Financial Protection Bureau

ACTION:  Stop Congress from Eliminating the Consumer Financial Protection Bureau.

OVERVIEW

The Consumer Financial Protection Bureau (CFPB) was designed to safeguard consumers in their dealings with the financial services industry. Since its inception in 2011, the agency has returned roughly $11.8 - $29 million to consumers and has worked to curb abuses in the payday, student and auto lending industries. Most recently, the CFPB  fined Wells Fargo $100 million for its illegal practice of opening accounts without permission from its customers.   

Donald Trump has declared that he will gut this agency. Congressional Republicans have long tried to dismantle or hobble the CFPB and recently introduced two companion bills that would eliminate the bureau altogether. Senator Ted Cruz (R-Texas) introduced the Senate Bill (S.370) and Representative John Ratcliffe (R-Texas) introduced the House Bill (H.R. 1031). If passed, these bills would repeal Title X of the Dodd-Frank Act, which established the CFPB.  

The CFPB is a critical watchdog agency that is the first line of defense for working families against the big banks and unfair financial practices.  

SAMPLE SCRIPT (Reword as you wish)

1.  Call your Members of Congress:

I am calling to express my support for the Consumer Financial Protection Bureau. Will Senator/Representative [____________] vote against [Senate Bill S.370] or [House Bill H.R. 1031]? The Consumer Financial Protection Bureau has supported the public against fraudulent business practices and we need them more than ever today. Can you please confirm that Senator/Representative [____________] will vote "no" on this bill?


2. The Senate bill has been referred to the US Senate Committee on Banking, Housing, and Urban Affairs.

Committee:  202-224-7391

Committee Chair Mike Crapo (R, ID)  202-224-6142 (DC) , 208-334-1776 (Boise)

Senator Chris Van Hollen is on this committee -- ask him to defend the CFPB.

 

3. The House bill has been referred to the House Financial Services Committee. Tell Chair Jeb Hensarling (R, Texas) that you oppose HR 1031. (Neither Raskin nor Harris are on this committee.)

Committee: 202-225-7502

Committee Chair Hensarling:  202-225-3484 (DC), 214-349-9996 (Dallas), 903-675-8288 (Athens)(202) 225-3484(202)
 

4.  Sign a MoveOn Petition by Senator Jeff Merkley (D, Oregon):

http://pac.petitions.moveon.org/sign/protect-the-consumer

 

5. Tweet to @RepHensarling, @MikeCrapo

Hashtags  #CFPB, #DefendCFPB, #ProtectConsumers


BACKGROUND

Los Angeles Times, 2/21/17

Column: Republicans Make Killing Consumer Protections a Top Priority

http://www.latimes.com/business/lazarus/la-fi-lazarus-cfpb-republican-bills-20170221-story.html

 

Fortune, 1/27/17

Donald Trump Is Targeting an Agency That Has Recovered $11.8 Billion for Consumers

http://fortune.com/2017/01/27/donald-trump-cfpb-consumer-protection-financial-bureau-elizabeth-warren/