Tell Congress Not to Handcuff the Consumer Financial Protection Bureau

Tell Congress Not to Handcuff the Consumer Financial Protection Bureau

Your member of Congress sits on the House Financial Services Committee, which is scheduled to vote this Thursday on legislation that would undermine the ability of the new Consumer Financial Protection Bureau to stop deceptive and abusive financial practices - before it ever opens its doors. 

Beginning this summer, the Bureau is scheduled to have authority over all private student loans and will have a Private Education Loan Ombudsman to give students and their families somewhere to turn for help with private student loans. 

When students need the Bureau more than ever, Wall Street lobbyists in Washington are working to gut the Bureau and make it ineffective.  Last week, a House Financial Services Subcommittee passed three bills that would make it much easier for banking regulators to block important consumer protection measures initiated by the Bureau, decrease accountability, and muddle decision-making at the Bureau, leaving it more vulnerable to impasse and delay. 

The full House Financial Services Committee will vote on these three bills this Thursday, May 12.  ACT NOW to tell your representative to vote NO in these bills and to ensure that students have the protection they need from deceptive and predatory loan practices.