Sen. Ted Cruz & Rep. John Ratcliffe have introduced matching bills in the House & Senate to abolish the CFPB. According to Sen. Ted Cruz:
Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers…
If you’re a regular reader of this blog, you know that we will often recommend filing a complaint with the CFPB if you’ve exhausted other avenues of complaints with a financial institution and still haven’t received a satisfactory response (e.g Citibank). I’ll let the CFPB’s work speak for itself:
- Wells Fargo To Pay $185 Million In Fines, Fires 5,300 Employees For Opening Accounts Illegally
- CFPB Warns Consumers & Credit Card Issuers About Deceptive 0% APR Offers
- CFPB & AG Offices Take Action Against J.P. Morgan Chase For Selling ‘Zombie Debts’
- CFPB Orders UniCard & Mastercard To Pay $10 Million To RushCard Users & Additional $3 Million Fine
- In total the CFPB has provided $11.7 billion in relief to consumers and 27 million consumers have received that relief.
What You Can Do
If you think the CFPB does provide useful protections to consumers and don’t want to see it abolished, you should take action. You should contact your elected officials (this is useful for finding their details) and state your case. Similarly if you feel the CFPB should be abolished then you should let your elected officials know.
As a friendly reminder, you’re allowed to disagree with me or other readers in the comments below. Let’s keep things respectful and avoid name calling. Anything sexist, racist or homophobic will be removed.
Hat tip to /r/churning
