PETITION: Save Senator Elizabeth Warren's consumer protection agency

CREDO action
Tell Senate Democrats: Save our consumer protection agency

Petition to Senate Democrats:
"Oppose any changes that would undermine the Consumer Financial Protection Bureau's ability to continue protecting millions of Americans from financial scams and predatory lenders, including any alterations to the agency's leadership structure, funding, or regulatory authority."

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Dear 5849376,

Elizabeth_Warren_Save_CFPB

At a time when shady lenders and out-of-control banks were profiting from scamming consumers, Senator Elizabeth Warren dreamed of an effective watchdog dedicated to protecting ordinary Americans: the Consumer Financial Protection Bureau (CFPB).

Since its creation in 2011, the CFPB has begun the overdue work of what Senator Warren intended: reining in mortgage lenders, delivering refunds to victims of credit card scams, and more. But now, former Representative Barney Frank is warning that Republicans will attempt "de-fang" the agency, and news reports have suggested that the agency would be the Republican senate's "first target" and that "no achievement of President Obama's faces more risk."1,2,3

The Republican House has already passed legislation to dismantle, defund, or sabotage the CFPB, and conservatives are plotting to finish the job in the Senate. This is why we are joining our friends from National People's Action, Americans for Financial Reform, and other allies in the progressive movement in demanding the Democrats block and fight back against any and all attacks against Senator Warren's consumer protection agency.

Tell the Senate Democratic Leadership: Save our consumer protection agency. Click here to sign the petition.

In just a few short years, the CFPB has reined in abuses by debt collectors, taken on for-profit colleges, protected home-buyers from unscrupulous lenders, investigated predatory private student loan companies, insisted on mortgage safeguards, recouped millions for military families who were overcharged or lost homes to foreclosure, unearthed the unethical practices of student debt collectors, and shed light on dozens of predatory lending practices and consumer scams. And it only came into existence in 2011!4

Senator Warren's brainchild agency is saving Americans money and keeping them out of the clutches of predatory lenders. To protect it, we're partnering with National People's Action, Americans for Financial Reform, and other progressive allies to demand that Democrats oppose any and all attempts to cripple or undermine the CFPB.

In years past, the Republican House has approved all sorts of attacks on the agency. They have attempted to defund it, by moving its funding source from the Federal Reserve to congressional appropriations they control. They tried to eliminate a fund that the CFPB uses to reimburse victims of fraud and let other regulators that are friendlier to lenders overrule the agency. They even tried to place limits on what kind of data CFPB can collect, because too many people were sharing such heartbreaking stories of abuse and fraud.5

Perhaps most dangerously, Republicans have proposed replacing the agency's single, strong director with a set of commissioners – many, no doubt, appointed by bank-friendly politicians. CREDO members fought long and hard to get President Obama to appoint Ohio Attorney General Richard Cordray as the Director of the Consumer Financial Protection Bureau, and we cannot let Wall Street's puppet politicians undo that victory.

Tell the Senate Democratic Leadership: Save our consumer protection agency. Click here to sign the petition.

We know that Senator Warren will fight fiercely for her brainchild. But many other Senate Democrats are far more cozy with big banks – even voting with Republicans to undo Wall Street reform in the first week of the new Congress.6 Even Democrats who support strong consumer protections may get weak in the knees if an attack on the CFPB is slipped into legislation funding the government or raising the debt ceiling.

But if Democrats stand united, they will protect millions of everyday Americans – and draw a sharp contrast showing which party is willing to fight for the middle class.

Progressive champions need to hear that we will stand with them if they fight tooth and nail. And we need to issue a warning to Senate Democrats pondering siding with shady lenders whose deep pockets are the result of exploiting struggling constituents.

If Senate Democrats stand together, we can block Republican attacks and save the Consumer Financial Protection Bureau. Click the link below to sign the petition to save CFPB:

http://act.credoaction.com/sign/Warren_CFPB?t=6&akid=12701.3291973.kjflZ9

Thank you for your activism.

Murshed Zaheed, Deputy Political Director
CREDO Action from Working Assets

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  1. Eric Garcia, "Barney Frank fears GOP will try to neuter watchdog agency" MarketWatch, Jan 6, 2015
  2. Erika Eichelberger, "A GOP Senate's First Target: Elizabeth Warren's Consumer Protection Agency" Mother Jones, September 26, 2014
  3. Joseph Lawler, "Incoming GOP majority would target Elizabeth Warren's CFPB" Washington Examiner, October 21, 2014
  4. Erika Eichelberger, "10 Things Elizabeth Warren's Consumer Protection Agency Has Done for You" Mother Jones, March 14, 2014
  5. Eichelberger, "A GOP Senate's First Target: Elizabeth Warren's Consumer Protection Agency."
  6. Danny Vinick, "Elizabeth Warren's Warnings About Financial Reform Are Already Coming True" Mother Jones, January 9, 2015.

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