The Consumer Financial Protection Bureau was created after the economic collapse to protect consumers and reduce the risk of another financial crisis. Sen. Marco Rubio is siding with big Wall Street banks instead.
The CFPB has already returned nearly $12 billion to more than 27 million consumers by suing companies for breaking the law. Among its actions is a record $100 million penalty and consumer restitution against Wells Fargo for fraudulent accounts. Additionally, the CFPB’s website has processed more than 1 million complaints, and provides educational resources to make important financial decisions.
Disappointingly, the newly re-elected Sen. Rubio has co-sponsored the CFPB Accountability Act of 2016. This bill puts CFPB under Congressional appropriations and starves it to death by removing the independent funding from the Federal Reserve.
How much money would Congress, which received nearly $800 million in contributions from the financial sector from this election cycle, budget for CFPB?
There will likely be attempts to sneak attacks like this one into the budget in December. If more Florida residents contact Sen. Rubio in support of the CFPB and all the good it brings, we can make sure consumer voices aren’t drowned out.