State Letters to Congress Supporting the CFPB
The Consumer Financial Protection Bureau (CFPB) is the only federal financial regulator with the sole mission to protect consumers. It is the primary federal supervisor of non-banks, including debt collectors, student loan servicers, payday lenders, non-bank mortgage companies, and credit reporting agencies.
When consumers submit complaints to the CFPB, the agency can use its authority to hold financial institutions accountable for violations of the law. In addition to enforcement, the CFPB relies on complaints to inform its supervisory and rulemaking work. The results speak for themselves. Since its launch, the CFPB has secured over $21 billion in relief for harmed consumers.
“We need a strong CFPB because Arizona consumers will always be up against unethical, predatory lenders and they will need CFPB’s powerful regulatory and enforcement capabilities to resolve concerns, to do the right thing for them, and to build trust that government is there for them when they need it most.
- Kelly Griffith, CEO Southwest Center for Economic Integrity
“A strong CFPB is essential to protecting consumers, promoting fair financial practices, and ensuring that individuals have access to trusted information and an effective avenue for resolving concerns. Organizations like ours depend on these tools to help families build financial stability, avoid predatory practices, and confidently navigate an increasingly complex financial system.”
- Lauren Solidum, President/CEO of Catholic Charities of Northeast Kansas
“Since the recent changes in CFPB leadership, the percentage of complaints resulting in relief for Minnesotans has fallen from 42% to 31%, while consumer complaints have increased by 38%. We urge Congress to protect the CFPB's independence, preserve its ability to enforce consumer protection laws, and ensure it has the resources necessary to fulfill its mission. Weakening the CFPB does not reduce financial harm. It simply leaves consumers to face it alone."
- Anne Leland, Executive Director of Exodus Lending
“The CFPB is important because they serve as a backstop to harmful market practices. In one case, Juan, who lives in Texas, received assistance from the CFPB before he even knew that there was a watchdog agency on his side. "'I had given up and thought I was scammed,” he said. “It meant so much to get this check in the mail and know that the CFPB has my back.'"
- Ann Baddour, Director of Fair Financial Services Project for Texas Appleseed
“Consumers call on Congress to return the CFPB to full funding and to vote against dismantling the agency and its critical complaint system. Consumers rely on the CFPB’s complaint process as often the only place they can turn to address financial disputes that companies refuse to resolve."
- Ruth Susswein, Director of Consumer Protection for Consumer Action
