Consumer Financial Protection Bureau

Groups Urge U.S. House Committee on Financial Services to Oppose TABS Act

CFA and nearly 70 organizations urged the House Financial Services Committee to oppose the TABS Act, or any legislation that would rid the Consumer Financial Protection Bureau of its independent funding structure and instead subject it to Congress’s annual appropriations process. In slightly over a decade, the CFPB has obtained over $16 billion in relief for about 192 million consumers in the form of restitution or canceled debts, and $3.7 billion in civil penalties – money that can make consumers whole even if the company that defrauded them has vanished. Opponents have long tried to weaken the agency by subjecting it to appropriations so they can defund the agency. The payday lobby has now taken this tactic to the courts and their case on the constitutionality of the agency’s funding will now be heard by the Supreme Court. Please stand with us in opposing these efforts in the Congress.