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Home Topics in Depth Activism Tell Trump: Don't Destroy the Consumer Financial Protection Bureau

  • Charles (2088 posts)
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    Tell Trump: Don't Destroy the Consumer Financial Protection Bureau

    From a Bold Progressives email today:


    With healthcare, Trump’s budget, the Muslim ban, and Russia all in the news, a lot is going on. Making sure you saw this upcoming fight. — Keith

    Ted Cruz just introduced a bill to abolish Senator Elizabeth Warren’s #1 achievement in Wall Street reform: The Consumer Finance Protection Bureau.

    The CFPB is the little engine that could — empowered to fight big banks when they defraud credit card holders, predatory lending, and do other bad things to regular people. They’ve seized back $11.7 billion for consumers who were cheated by banks.

    The Trump White House is preparing to attack Elizabeth Warren’s CFPB very soon — possibly with executive action. We are getting ready now by gathering support and collecting stories from people who represent why the CFPB is so important.

    Sign on here to show your support for Elizabeth Warren’s CFPB. And, if you got cheated by your credit card company or student loan provider, your bank charged you bogus fees, your mortgage servicer tried to illegally take your home, or you were otherwise hurt by big banks and financial institutions, let us know. Especially let us know if the CFPB helped you directly.

    The key to making the Republicans squirm is in telling stories that are personal and emotional, and the PCCC knows a thing or two about how to do that.

    When we ran ads against Trump’s Treasury Secretary featuring widows who his bank foreclosed on, MSNBC’s Rachel Maddow called them the “most effective ads since the election.” With your help, we’ll turn that firepower on again — to help protect the crown jewel of Wall Street reform.


    Here are a handful of the ways in which the CFPB has protected the American people in the past six months alone:


    • Investigated suspicions that Wells Fargo had created millions of fake accounts, ultimately returning $185 million to consumers.
    • Sued Navient, the nation’s largest student loans servicer, for, among other things, cheating students out of their rights to lower payments and harming the credit of severely, permanently disabled borrowers by misreporting their loan status.
    • Took action against Moneytree, Inc. for making unauthorized electronic transfers from consumers’ bank accounts.
    • Sued pension-advance companies that lied to veterans to convince them to buy their bogus products.
    • Filed a complaint against Access Funding LLC for a scam they perpetrated against victims of lead-paint poisoning, using sham third-party advisors who advised them to sign away their future settlement payments.
    • Took action against MasterCard and UniRush for rendering “thousands of economically vulnerable RushCard users unable to access their own money to pay for basic necessities.”
    • Fined CitiFinancial Servicing and CitiMortgage, Inc. for failing to disclose options to homeowners that would allow them to avoid foreclosure.
    • Announced a “joint action with the Department of Justice (DOJ) against BancorpSouth Bank for discriminatory mortgage lending practices that harmed African Americans and other minorities.
    • In a particularly ironic case, forced Equifax to pay millions in restitution to consumers it lured into costly recurring payments for credit scores.
    • Filed a lawsuit against companies for scamming National Football League (NFL) concussion victims and 9/11 first responders with cancer out of money intended to cover medical costs, lost income, and other critical needs.


    Sign on here to show your support for the CFPB. If you or somebody you know was one of the victims in these stories — or if you have another personal example of how the CFPB protected you from predatory financial institutions — let us know.


    We’re going to tell stories like those above — and maybe yours — in ads, in the press, and quite possibly in lawsuits and hearings around the future of the CFPB.

    Thanks for being a bold progressive.

    — Keith Rouda, PCCC organizer


    Jefferson23, jdpriestly, VoiceOfReason like this

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