The National Consumers League (NCL) Stands Firm Against Threats to the Consumer Financial Protection Bureau
December 3, 2024
Media contact: National Consumers League – Lisa McDonald, lisam@nclnet.org, 202-207-2829
WASHINGTON, DC – As the nation’s oldest consumer advocacy organization, the National Consumers League (NCL) is outraged by recent calls to eliminate the Consumer Financial Protection Bureau (CFPB), a vital agency safeguarding Americans from corporate exploitation, fraud, and abuse. The reckless suggestion to “cancel” the CFPB by Elon Musk, is a direct attack on consumer protections.
“Eliminating the CFPB would leave U.S. consumers defenseless against predatory practices, corporate greed, and fraudsters,” says National Consumer League’s John Breyault, VP of Public Policy, Telecommunications, and Fraud. “Without a strong CFPB, deception in the marketplace will flourish, harming not just consumers, but also honest businesses striving to treat their customers with fairness and respect.”
The CFPB, created in the wake of the 2008 financial crisis through the Dodd-Frank Wall Street Reform and Consumer Protection Act, is a lifeline for millions of Americans. Under the leadership of Director Rohit Chopra, the CFPB has delivered $20 billion in consumer relief. The watchdog agency has proven indispensable, delivering multiple wins for everyday Americans, including:
- Fighting Predatory Banking Practices: Capping credit card late fees at $8 and cracking down on overdraft and insufficient fund fees.
- Protecting Against Discrimination: Filed a proposed order to resolve its case against Townstone Financial for discriminatory lending practices and redlining African American neighborhoods in Chicago.
- Defending Veterans and Servicemembers: Returning $6 million to military veterans harmed by illegal lending practices.
- Tackling Corporate Fraud: Ordered Navy Federal Credit Union to Pay More than $95 Million for Overdraft Fees.
- Securing an $89 million settlement from Apple and Goldman Sachs for Apple Card failures.
- Wells Fargo Settlement: A historic $1 billion resolution following fraudulent account-opening practices.
- Medical Debt Protections: Proposed measures to eliminate medical debt from credit reports, potentially impacting $49 billion in reported debt.
- Reducing Fraud on Payment Apps: Implemented protections to reduce fraud on Digital Payment App platforms like Apple Pay and Venmo.
The NCL unequivocally opposes any effort to dismantle the CFPB, as doing so would expose Americans to fraudsters, discriminatory lending, and exploitative financial practices. Eliminating the bureau would not only reverse years of progress but would also send a dangerous message to those likely to break the law that corporate profits matter more than consumer protections.
The National Consumers League stands firm: We will not let consumer protections be sacrificed. Americans deserve fairness, transparency, and accountability. We call on all policymakers to stand with consumers and defend the CFPB.
###
About the National Consumers League (NCL)
The National Consumers League, founded in 1899, is America’s pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.
