TINA.org Joins Over 300 Orgs. in Letter Urging Congress to Support Financial Watchdog

Created by Congress in the aftermath of the 2008 financial crisis, the Consumer Financial Protection Bureau was established in 2011 to protect consumers against financial fraud and promote fair competition in the finance sector.

Over the years, the CFPB has worked to address a number of deceptive marketing practices in the financial services industry, such as the use of junk fees and unlawful negative option offers. Since its inception, the agency has obtained over $21 billion in consumer relief, ranging from monetary compensation to canceled debts.

But recently, there have been efforts to hamper the CFPB’s important work if not completely shutter the agency.

That’s why TINA.org last month joined a group of 312 consumer, civil rights, labor, legal services and community organizations and academics in a letter urging Congress to take action to support the CFPB.

The letter impels Congress members to “oppose changes to the CFPB’s funding, structure or other changes that would weaken its ability to stand up for consumers, competition and a fair financial marketplace.”

The CFPB is a critical agency in protecting consumers – it should be supported in doing its job.