The Consumer Financial Protection Bureau (CFPB) stands as a vital advocate for consumers navigating the complex financial marketplace. It was created in 2010 after the 2008 financial crisis and the Great Recession. The Trump administration tried to eliminate the independent agency during his first term and within the last few weeks appointed an acting director who immediately ordered the Bureau to stop regulatory activity.

Police departments around the country often tout the motto “To Serve and Protect.” This is what the CFPB does, serving and protecting consumers. Despite political and corporate attacks, the CFPB’s record speaks for itself. Since its inception, the CFPB has recovered over $21 billion for consumers harmed by unfair or deceptive financial practices. This substantial figure underscores the agency’s critical role in holding financial institutions accountable and providing redress for those wronged.

The CFPB’s actions also demonstrate a commitment to tangible consumer protections that directly alleviate financial burdens on everyday Americans. Capping credit card late fees at $8, limiting overdraft fees to $5 and banning medical debt from credit reports are just a few examples of how the agency is working to address systemic issues that disproportionately affect vulnerable populations. These measures provide crucial relief, especially for working and middle class citizens struggling to make ends meet in an increasingly complex financial landscape. By tackling these specific pain points, the CFPB makes a real difference in the lives of ordinary people.

There is much kindness in the world, but unfortunately, there are companies that abuse and take advantage of consumers. The CFPB also plays a crucial role in regulating large financial institutions. In 2022, the CFPB fined Wells Fargo $3.7 billion for widespread mismanagement of auto loans, mortgages and deposit accounts. Wells Fargo created millions of fraudulent savings and checking accounts without their own customers’ consent or knowledge! This landmark fine sent a clear message that even the largest institutions are not above the law and will be held accountable for their actions.

Currently, the giant health care company UnitedHealthcare is under investigation for overbilling Medicare, i.e., taking money away from taxpayers. Cases like these highlight the importance of an agency dedicated to protecting consumers from systemic abuses within the financial and other industries. The CFPB’s enforcement actions serve as a deterrent, encouraging responsible behavior and promoting a fairer marketplace for all.

These experiences highlight the critical importance of an agency dedicated to protecting consumers. Without a strong and independent regulator, we face the very likely possibility of a resurgence of predatory lending practices, increased financial fraud and a marketplace where consumers are once again vulnerable to exploitation. The consequences could be devastating, particularly for those already struggling to navigate a complex financial system. The elderly are particularly vulnerable to predatory practices.

Protecting the CFPB is not just about safeguarding individuals. It’s about ensuring a fair, transparent and stable financial system for all, one that promotes economic opportunity and protects consumers from abuse. It is about fostering a system where individuals can have confidence in the fairness and integrity of the financial marketplace. Contact your representatives and encourage them to protect this independent agency.