US (AFR) : They want to take restitution away from people who were scammed.

 

Wall Street and the Trump administration have spent years trying to hollow out the Consumer Financial Protection Bureau. Now House Republicans are advancing a bill that would make it harder for the CFPB to return money to people cheated by financial companies, protect borrowers from new abuses, and operate free from Wall Street’s influence. With your help, Americans for Financial Reform and our allies have pushed back at every turn. We brought civil rights, labor, community, and consumer groups together to oppose this latest attack and made clear what its sponsors would rather hide: their bill would leave people with fewer protections while giving financial companies more ways to evade accountability. That pressure mattered. When the House Financial Services Committee advanced the bill on September 16, every Democrat present voted against it. Republicans also blocked amendments that would have restored protections against lending discrimination and defended older people and members of the military. The bill advanced, but Wall Street failed to peel off Democratic support in committee. Now the fight moves to the full House. The Committee vote showed what organized opposition can accomplish under intense pressure. It also showed how determined Republicans are to push this bill through while they still have legislative days left. Will you contribute $5 to help AFR keep the pressure on Congress and fight for a CFPB with the power to protect people? DONATE NOW The CFPB has delivered more than $21 billion in direct relief to people harmed by financial companies. Its Civil Penalty Fund has compensated people even when the companies that cheated them went bankrupt. The Republican bill would sharply restrict access to that relief and divert penalty money away from the people it was meant to help. It would also bury new consumer protections under additional procedural requirements, carve out exemptions for payday lenders and earned wage access companies, and put the CFPB’s budget at the mercy of the congressional appropriations process. Each provision gives powerful companies another way to delay scrutiny or escape the rules that protect borrowers. AFR is helping hold the line by bringing advocates together, exposing what this legislation would do, and pressing lawmakers to stand with the people who rely on the CFPB. Keeping Democrats united in Committee was a meaningful step. Stopping the bill and defending the agency’s funding and staff will take sustained work. Wall Street can afford lobbyists in every hallway of Congress. Our strength comes from people who understand what happens when lenders can hide prices, companies can keep money they took unlawfully, and the watchdog meant to intervene is stripped of its power. Please donate $5 today to help AFR stop this attack and keep fighting for a CFPB that can hold financial companies accountable. Thank you for standing with us, - Tom. Tom Feltner (he/him) Associate Director of Consumer Policy Americans for Financial Reform. Support the campaign

Americans for Financial Reform