Washington, D.C. – Colorado U.S. Senator Michael Bennet today, with a group of 40 senators, stood up for the Consumer Financial Protection Bureau’s (CFPB) independence to obtain justice for consumers who have been wronged by large financial institutions.
In a letter to Senate leaders Mitch McConnell and Chuck Schumer, the senators urged the leaders to reject any government funding deals that would subject the CFPB’s funding to political interference. The independence of the CFPB’s structure and funding stream has been key to its success, which in just six years has returned nearly $12 billion to more than 29 million cheated consumers.
“The administration has already undermined the effectiveness of the CFPB by appointing Office of Management and Budget Director Mick Mulvaney as part-time Director of the Bureau,” the senators wrote. “Altering the funding stream of the Consumer Financial Protection Bureau would further jeopardize the agency and its ability to conduct independent investigations into financial wrongdoing. The Dodd-Frank Wall Street Reform and Consumer Protection Act established the CFPB as an independent agency to protect it from political interference by Congress or the Executive Branch…The CFPB has done its job well and there is no basis for dramatically altering its funding source and undermining its ability to protect consumers.”
The full text of the letter is available HERE.