To: The United States House of Representatives and The United States Senate
Demand Congress defend the Consumer Financial Protection Bureau - #DefendCFPB
The Consumer Financial Protection Bureau has done crucial work to safeguard Americans against the deceptive and abusive practices of big banks, student loan servicers, credit card companies, and predatory lenders. Congress must protect this important work, not seek to grind it to a halt by gutting its funding or hamstringing its independence.
We urge Congress to oppose any efforts to weaken the Consumer Financial Protection Bureau and its critically important role. All Americans, including more than 43 million with student loans, must be able to count on a strong, independent Consumer Financial Protection Bureau.
Why is this important?
The Consumer Financial Protection Bureau (CFPB) is under attack. Last Friday, Director Richard Cordray stepped down. Following secession protocol that was set up by Congress, Deputy Director, Leandra English became the Acting Director. In an unprecedented move, Donald Trump appointed his own Acting Director of the CFPB, OMB Director, Mick Mulvaney. Now the bureau has TWO DIRECTORS and it is up to the courts to decide who will run the CFPB until a new permanent director is appointed and approved by Congress. We stand with Acting Director, Leandra English and applaud her for her years of dedication to the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau fights for students and student loan borrowers. The CFPB has returned nearly $12 billion in relief to over 29 million Americans wronged by big banks, credit card companies, and predatory student loan servicers.
Supporting students and student loan borrowers is central to The Consumer Financial Protection Bureau’s mission.
For years, families dealt with the impact of a dangerously deregulated student loan industry. As a result, more than 43 Million Americans are buried under $1.4 Trillion worth of student debt. Unchecked student loan companies caused families major hardships forcing them to carry the burden of college costs for life. Fortunately, the CFPB is an independent federal agency dedicated to holding these companies accountable.
The CFPB is the first line of defense for defrauded borrowers. Recently, the Bureau filed three lawsuits against Navient, the nation’s largest student loan servicer, accusing the corporate giant of countless abuses - including overcharging borrowers and ruining the credit scores of veterans.
The CFPB also shut down illegal student debt relief companies and challenged the deceptive practices of for-profit colleges, like ITT Tech. To date, millions of dollars in relief have been returned to those impacted by these predatory businesses. The Consumer Financial Protection Bureau continues to take important strides to defend students - we must do our part to defend the CFPB.
We believe it is extremely important to level the playing field for ALL consumers. Student loan borrowers depend on the CFPB to ensure that their interests are defended against bad actors in the student loan industry.
We urge Congress to oppose any efforts to weaken the Consumer Financial Protection Bureau and its critically important role and to reject any attempts to unseat their effective Acting Director, Leandra English who has been a powerful advocate for students and consumers everywhere. All Americans, including more than 43 million with student loans, must be able to count on a strong, independent Consumer Financial Protection Bureau.