Consumer Financial Protection Bureau

Groups Urge CFPB to Abandon a Proposed Reorganization Which Would Leave Consumers Vulnerable and Defenseless

CFA joined 82 consumer, civil rights, community, housing, student advocacy, legal services, and other public interest organizations in urging the Consumer Financial Protection Bureau’s (CFPB) Director Kathy Kraninger to abandon the proposed reorganization of the CFPB’s Division of Supervision, Enforcement, and Fair Lending (SEFL). Instead of strengthening the arm of the CFPB that holds predatory financial institutions accountable, the proposal would drastically weaken its authority, independence, and ultimately, effectiveness, leaving consumers vulnerable and defenseless. This reorganization comes in the midst of a public health crisis and pandemic, with case numbers rising throughout the country and as federal and state consumer protections continue to expire, leaving consumers vulnerable to predatory financial actors.