Tell Congress: Reject the TABS Act and Defend the Consumer Financial Protection Bureau!
They’re trying to kill the Consumer Financial Protection Bureau again -- and we need your help to stop them.
Created after the 2008 financial crash, the CFPB is the only federal agency devoted exclusively to protecting consumers from Wall Street’s predatory practices. Since then, it has won over $13.5 billion in relief for about 175 million consumers in the form of restitution or canceled debts – and billions more in penalties.
Now, after the Fifth Circuit Court of Appeals decision declaring the CFPB’s funding mechanism unconstitutional, predatory lenders’ allies in Congress are escalating their decade-plus effort to nuke the agency, in part by starving it of funds so it cannot protect consumers from greedy, lawbreaking corporations.
The Fifth Circuit was dead wrong, so wrong that even this extreme Supreme Court may overturn the decision. But some lawmakers are rushing ahead with their plan to destroy the CFPB, using the court case as cover.
Rep. Andy Barr’s bill, the Taking Account of Bureaucrats’ Spending Act, also known as the TABS Act, would replace the CFPB’s stable funding mechanism, which other banking regulators also have, with annual appropriations by Congress. Opponents of the Bureau want to starve the agency into submission.
It’s a gift to predatory lenders. That’s why the Chamber of Commerce wasted no time to write a letter in support last time Barr tried to pass this bill.
Wall Street is trying to create confusion and drive public opinion against the Consumer Financial Protection Bureau to give opponents in Congress the cover they need to destroy the CFPB for good. Now, with the shadow of the Fifth Circuit's decision and the possibility that the US Supreme Court could rule in agreement, their strategy might work. That is, unless we organize NOW to stop them.
Sign and send a message to your Representative and Senators today!