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Consumer Financial Protection Bureau under attack in Congress
Humor sellers 21, items. Gardening sellers 22, items. Business sellers 57, items. Archaeology sellers 21, items. Now, we are united under the Consumer Reports name, bringing together our trusted testing, research, journalism, and advocacy. Consumers Union urges lawmakers to oppose congressional bills that would turn the consumer watchdog into a lapdog.
Like other financial industry regulators, such as the Office of the Comptroller of the Currency, Federal Deposit Insurance Commission, and the Federal Reserve, the CFPB receives its funding independently from the congressional appropriations process. The watchdog would lose its ability to stop unfair, deceptive, and abusive practices, and would be stripped of the power to fine companies for breaking the law or order them to provide refunds to consumers cheated out of their money.
Under the bill, the CFPB also loses its crucial independence from banking industry control. Lawmakers should side with consumers and stand up to Wall Street and the big banks by rejecting this unjustified attack on the CFPB. The CFPB was established as part of the measures passed by Congress in the wake of the financial crisis. The Bureau works to ensure consumers are treated fairly by establishing basic standards that banks and other financial companies must follow and by policing abuses in the marketplace.
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