U.S (DEMAND PROGRESS) : Protect the CFPB ! SIGN NOW.

 

 

 

Tell Congress: The Consumer Financial Protections Bureau is the only federal agency devoted to protecting consumers from predatory corporate practices. Created in the wake of the 2008 financial crash, the agency has won $13.5 billion for consumers in the form of restitution and canceled debts. Right now, the CFPB is under attack from both the courts and some members of Congress. We need you to protect the CFPB’s funding by rejecting Rep Andy Barr’s TABS Act. SIGN THE PETITION! SCOTUS and Congressional Republicans are trying to destroy the one federal agency devoted to protecting consumers from big corporations - the Consumer Financial Protection Bureau (CFPB). Predatory corporate practices, such as subprime mortgage loans, led directly to the 2007-08 financial crisis. As part of an effort to prevent another Great Recession, Congress created the Consumer Financial Protection Bureau (CFPB) in 2010 to put an end to giant corporations defrauding consumers. Since then, the CFPB has been vital to protecting consumers, winning over $13.5 billion in relief for about 175 million consumers in the form of restitution or canceled debts. ADD YOUR NAME Because the CFPB has been so effective, Republicans and corporate special interests have repeatedly attempted to restrain the agency. Now they’re trying to destroy it altogether. The Supreme Court just announced that it will be hearing a case that might strip the CFPB of its funding. This is a serious threat – we know how far the Trump appointee-led court is willing to go to push its right-wing agenda. In Congress, Republicans have also introduced legislation to defund the agency. The CFPB is the only federal agency devoted to protecting consumers, and we must defend it against these attacks. In the past, federal courts have repeatedly found the CFPB’s funding to be routine and legal, including a 2018 decision by the D.C. Circuit Court of Appeals. But last October, a Fifth Circuit Court tribunal of Trump appointed judges discarded precedent and declared the CFPB’s funding to be unconstitutional. Now the Supreme Court has decided to review the Fifth Circuit Court’s ruling. If the Supreme Court’s right wing supermajority rules against the CFPB, it would gut the agency and potentially shutter all federal programs and agencies with independent funding, including Social Security, Medicare, and the FDIC. Republicans are also attacking the CFPB in Congress. Republican Rep. Andy Barr’s bill, the Taking Account of Bureaucrats’ Spending Act, also known as the TABS Act, would destroy the CFPB’s independent funding mechanism. This would allow Republicans to gut the agency’s funding, rendering it unable to effectively regulate big corporations. The 2008 financial crash showed us what happens when big corporations are given free rein to defraud consumers. For over a decade, the CFPB has been a vital bulwark against this kind of unchecked corporate greed. That’s exactly why corporate special interests are attacking the agency from all angles. Congress must reject all attempts to cut the CFPB’s independent funding. ADD YOUR NAME

DEMAND PROGRESS