The Consumer Financial Protection Bureau (CFPB) was created by Congress and is the crowning achievement of Wall Street Reform. The CFPB has already returned nearly $11 billion to over 26 million consumers cheated by Wall Street and other financial companies. Additionally, it is taking complaints from financial consumers who have been wronged. Complaints can be filed at: www.consumerfinance.gov/complaint.
It’s therefore disappointing that Senator Steve Daines is leading the effort to keep the CFPB from doing its job. In particular, Senator Daines, who is a member of the Committee on Appropriations, voted a spending bill out of committee that would strip the CFPB of its independent funding from the Federal Reserve and leave it up to Congress. He also co-sponsored another bill that would do the same thing. How much money would Congress, which received nearly half a billion dollars in contributions from the financial! sector from the 2013-2014 campaign cycle, decide to budget for this watchdog?
If more Montanans contact our members of Congress in support of the CFPB, we can make sure financial companies are kept in check and the voices of consumers don’t get drowned out.