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Fact Sheet: Senate Bills Threaten the Consumer Financial Protection Bureau’s Ability to Protect Consumers

The Consumer Financial Protection Bureau was established by Congress in response to the abusive marketplace practices that led to the 2008 financial crisis. Its mission is to uncover and stop unfair, deceptive, and abusive financial practices and to keep the rules governing bank accounts, credit cards, and loans up-to-date to ensure consumers are treated fairly.

But the CFPB’s ability to continue protecting consumers would be seriously undermined if legislation being pushed by the financial industry wins approval in Congress. The proposals include legislation introduced by Senator Deb Fischer (S. 105), which would create more bureaucracy and gridlock by replacing the CFPB’s director with a five-member commission and Senator David Perdue’s proposal (S. 387), which would politicize the CFPB’s budget by subjecting it to the congressional appropriations process.