This summer, American consumers will finally get a powerful ally to take on abuses by the big banks and other financial institutions -- unless Wall Street lobbyists get their way.
The Consumer Financial Protection Bureau (CFPB) will hold financial institutions accountable for abusive practices like excessive bank fees, arbitrary credit card rate increases, confusing financial contracts and shady lending tactics.
But legislation is going through Congress that would severely undermine the authority of the CFPB.
Urge Congress to stand with consumers, not Wall Street, and give the CFPB the chance to do its job.
Dear [Decision Maker],
I urge you to oppose attempts to weaken, politicize or hobble the independence of the new Consumer Financial Protection Bureau before it even has a chance to do its job. The last thing this country needs is another financial crisis that leaves hardworking Americans holding the bag.
[Your personal comments will be added here.]
It's ridiculous for Congress to undo laws before they even have a chance to work, especially laws designed to protect consumers from abusive tactics, and to protect our economy from another meltdown. I urge you to strongly oppose any attempts to weaken the CFPB's independence or effectiveness:
-- The CFPB should continue to have its funding come as a transfer from the Federal Reserve. This funding transfer already has a ceiling limit, and doesn't need to be subject to political maneuvering.
-- The CFPB should continue to have a director, and not be run by an appointed commission that would only serve to slow down its ability to act quickly and respond to abuses in the marketplace.
-- The CFPB should not have its authority to issue rules undermined. Checks and balances are already in place, including giving the Financial Stability Oversight Council the right to set aside rules with a two-thirds vote if those rules put the banking system at risk.
-- The CFPB should not be prevented from doing its job until it has a Senate-confirmed director. The political reality is that many agencies are forced to operate without a confirmed director these days, (for example, the OCC is currently without a confirmed director) and this is simply a tactic to keep the new watchdog from getting to work and looking out for consumers' rights.
Sincerely,
[Your Name]
