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The bill to weaken the CFPB is headed to the full House. House Republicans advanced it through committee despite united opposition from every Democrat present. That unity came under intense Wall Street pressure. AFR joined civil rights, labor, community, and consumer advocates to expose the bill’s consequences and make sure lawmakers understood exactly whom it would benefit. The bill would make it harder for people cheated by financial companies to receive compensation. It would slow the CFPB’s ability to respond to emerging abuses and give payday lenders new exemptions from consumer protections. It would also subject the agency’s funding to congressional appropriations, giving Wall Street and its allies another opening to interfere with the watchdog charged with holding them accountable. Committee Democrats stood together against the bill. Now we need to carry that opposition through the next fight. Can you give $5 to help AFR defend the CFPB as this bill moves toward the House floor?
Since its creation, the CFPB has secured more than $21 billion in direct relief for people harmed by financial companies. That includes compensation for people who otherwise might have recovered nothing after a company closed or went bankrupt. The bill’s backers want to restrict that compensation and make it easier for predatory companies to challenge or delay protections. They are pursuing those changes while families are already struggling with the cost of groceries, housing, and debt. AFR helped build the opposition that held every committee Democrat together. We are continuing to work with our allies to expose the bill, press lawmakers, and defend the CFPB’s ability to do the job Congress created it to do. We have shown that organized pressure can hold the line. The bill is still moving, and the next stage will demand the same persistence. Thank you for fighting alongside us. - Tom. Tom Feltner (he/him)
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