February 17, 2011
Re: Opposition to proposed cuts to CFPB funding as proposed by the CFPB
The House will soon vote on passage of this year’s continuing resolution (CR). Consumers Union, the non-profit publisher of Consumer Reports, strongly urges you to oppose funding cuts for the Consumer Financial Protection Bureau (CFPB) as proposed in section 1517 of the CR, and to oppose amendments to weaken CFPB’s mandate and authority. We urge you to support amendments to restore the CFPB’s funding and strengthen its mission.
Congress made clear last year its intent to create a bureau with independent funding to protect consumers from the hazards of unsafe, deceptive and abusive financial products and services. With passage of Wall Street reform, Congress ensured that the CFBP would have a dedicated funding stream, protected from politicization and the legislative process.
Unfortunately, Section 1517 would undermine this by restricting funds the agency needs to begin its critical work. Abusive overdraft fees, mortgage loans, credit cards and student loans would go unchecked harming consumers and stalling our country’s economic recovery. Consumers deserve better. They have already been subjected to enough predatory and deceptive banking practices.
Please oppose any attempt to cut or in anyway undermine the future work of the CFPB. We ask that you support amendments to restore the CFPB’s funding and other amendments that may be offered to strengthen the CFPB’s ability to carry out its Congressional mandate to protect consumers. If you have any questions, please feel to contact me at (202) 462-6262.