WASHINGTON DC – Chuck Bell, advocacy program director at Consumer Reports, issued the following statement in response to the Senate Parliamentarian’s ruling that a provision in the budget reconciliation package that would have zeroed out the budget of the Consumer Financial Protection Bureau violated the chamber’s rules.
“While it is encouraging that efforts to defund the CFPB through the budget package have been blocked, the attacks on the Bureau will inevitably continue. The administration has already essentially muzzled this critical consumer watchdog by halting much of its work, dropping numerous enforcement actions, and upending its priorities. These actions are leaving consumers on their own to fend for themselves, making them more vulnerable to getting ripped off by predatory lenders and unscrupulous financial firms.
The CFPB has been a vital cop on the beat enforcing the law and holding banks and other lenders accountable when they engage in shady practices and has returned billions of dollars to consumers who were cheated out of their hard-earned money. At a time when consumers are facing an increasingly complex financial marketplace dominated by AI, Big Tech, and new digital finance products, we need a strong watchdog looking out for emerging bad practices and committed to carrying out the CFPB’s critical consumer protection mission.”
Media contact: Michael McCauley, michael.mccauley@consumer.org