Dear NACA Members,
Financial Reform still needs your help! Issue campaigns are as much about being ready for critical moments as they are about advancing a strategy. This week is that critical moment. One the one hand, consumer advocates are celebrating the one year anniversary of the signing of the historic consumer protection and financial reform legislation, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the fact that President finally announced the Administration’s pick to lead the Consumer Financial Protection Bureau (CFPB), Richard Cordray. Most important, today the CFPB, which was established by Dodd-Frank, officially launches. The CFPB was created in response to massive regulatory failures by federal banking and consumer regulators and the proliferation of unfair, deceptive and unsustainable lending practices.
On the other hand, House and Senate Republicans are intent to hobble the agency before it even gets started. Under the guise of accountability, however, Republicans have launched a sustained attack upon the CFPB. This attack must be fought and your help is needed now. Because no director has been confirmed, the Bureau will not have its full authority to protect consumers in the financial marketplace including oversight of payday lenders, mortgage companies, and credit bureaus. Senate Republicans continue their threats to block the confirmation of any director to the CFPB. Additionally, today the House will debate HR 1315, Consumer Financial Protection Safety and Soundness Improvement Act; this is just one of a number of bills that seek to weaken the CFPB’s authority to protect consumers in the marketplace.
This week consumer advocates released a report detailing why the CFPB is needed; many of the stories featured in this report are from the clients represented by NACA attorneys. Call your member of Congress now and urge them to oppose HR 1315 and any other attempt to cripple the CFPB. To contact your member of Congress, you can use the U.S. Capitol Switchboard at (202) 224-3121 and ask for your Senator’s and/or Representative's office.
Thank you for your continued support on these critical issues.
NACA’s Legislative Unit
Delicia Reynolds & Ellen Taverna