This time last year, the national Consumer Financial Protection Bureau (CFPB), our country’s main regulator of banks and lenders, was releasing a strong proposal to rein in payday lenders. And now the CFPB is fighting for its life. Wow – so much has changed in a year!
On June 8, the US House passed the Financial CHOICE Act, aka the “Wrong Choice Act.” By rolling back the Dodd-Frank financial reforms, HR 10 would expose consumers to the same dangerous financial practices that contributed to the last recession and foreclosure crisis. The bill now moves to the Senate for consideration.
This bill is horrible for low-income communities and communities of color. Our friends at the Center for Responsible Lending combed through all 589 terrible pages of this bill and outlined its most egregious problems. Read all the things wrong with this bill.
Instead of applauding the CFPB’s efforts to slow the exploitation of our communities, members of Congress are working to dismantle the entire bureau and return us to the days of unchecked banking greed. As you remember, the failure to have responsible regulation heavily contributed to causing the Great Recession, which led to more than eight million Americans losing their jobs, nearly eight million Americans losing their homes, trillions of dollars in lost family wealth, and trillions in taxpayer funded bailouts. Taking us back down that path is the wrong choice.
Call the US Capitol switchboard today at (202) 224-3121 and urge your Senator to oppose the Financial Choice Act. Consumers can’t afford to return to the days of unchecked banking greed.
You can also take action at povertyaction.org/cfpb.