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Published: December 2015
Against changing the leadership structure of the CFPB
Powerful banks and Wall Street cronies in Congress escalated their campaign to defund and defang the Consumer Financial Protection Bureau, because it works for consumers, not them. The American Bankers Association and other major trade groups representing Wall Street and other financial interests revealed they are the driving force behind intensified Congressional efforts to pass H.R. 1266 (Neugebauer-TX) – an effort to eliminate the Bureau's single director and replace him with a highly-politicized five-member Commission.
In a letter to Congress, nearly 90 consumer advocate groups, including Consumer Action, expressed strong opposition to H.R. 1266, the Financial Product Safety Commission Act of 2015, or any policy rider that would change the structure of the Consumer Financial Protection Bureau (CFPB). H.R. 1266 would bog down the leadership of the CFPB with an additional and unnecessary layer of bureaucracy, increasing the politicization of its decision-making process, reducing rather than enhancing its accountability. H.R. 1266 would put this country on the road back toward a regulatory system that failed miserably in the years leading up to our nation’s mortgage crisis.
Americans for Financial Reform (AFR)
AARP | A New Way Forward | AFL-CIO | AFSCME | Alliance For Justice | American Income Life Insurance | American Sustainable Business Council | Americans for Democratic Action, Inc | Americans United for Change | Campaign for America’s Future | Campaign Money | Center for Digital Democracy | Center for Economic and Policy Research | Center for Economic Progress | Center for Media and Democracy | Center for Responsible Lending | Center for Justice and Democracy | Center of Concern | Center for Effective Government | Change to Win | Clean Yield Asset Management | Coastal Enterprises Inc. | Color of Change | Common Cause | Communications Workers of America | Community Development Transportation Lending Services | Consumer Action | Consumer Association Council | Consumers for Auto Safety and Reliability | Consumer Federation of America | Consumer Watchdog | Consumers Union | Corporation for Enterprise Development | CREDO Mobile | CTW Investment Group | Demos | Economic Policy Institute | Essential Action | Green America | Greenlining Institute | Good Business International | Government Accountability Project | HNMA Funding Company | Home Actions | Housing Counseling Services | Home Defenders League | Information Press | Institute for Agriculture and Trade Policy | Institute for Global Communications | Institute for Policy Studies: Global Economy Project | International Brotherhood of Teamsters | Institute of Women’s Policy Research | Krull & Company | Laborers’ International Union of North America | Lawyers' Committee for Civil Rights Under Law | Main Street Alliance | Move On | NAACP | NASCAT | National Association of Consumer Advocates | National Association of Neighborhoods | National Community Reinvestment Coalition | National Consumer Law Center (on behalf of its low-income clients) | National Consumers League | National Council of La Raza | National Council of Women’s Organizations | National Fair Housing Alliance | National Federation of Community Development Credit Unions | National Housing Resource Center | National Housing Trust | National Housing Trust Community Development Fund | National NeighborWorks Association | National Nurses United | National People’s Action | National Urban League | Next Step | OpenTheGovernment.org | Opportunity Finance Network | Partners for the Common Good | PICO National Network | Progress Now Action | Progressive States Network | Poverty and Race Research Action Council | Public Citizen | Sargent Shriver Center on Poverty Law | SEIU | State Voices | Taxpayer’s for Common Sense
For more information, please visit AFR's website.
Against changing the leadership structure of the CFPB (No-CFPB-Commission-Policy-Riders-12.7.15.compressed.pdf)
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