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Help Us Support the CFPB — Tell Your Member of Congress to Vote NO on High Overdraft Fees
On February 14, we shared that Economic Action along with the City of Baltimore sued to stop Russell Vought, Director of the U.S. Office of Management and Budget, from defunding the Consumer Financial Protection Bureau (CFPB). That temporary restraining order was for two weeks, ending on February 28.
On February 28, Democracy Forward, the nonprofit who is suing on our behalf informed us that the judge extended the order barring the federal government from transferring away all of the CFPB’s funds. This means that the CFPB still has funding for another two weeks. While this is a short-term victory, it’s still a win! We will be able to work with Democracy Forward as needed to demonstrate why the CFPB must be able to continue its mission, its complaint and housing data must be protected, and staff must be able to carry out basic aspects of its mission.
Economic Action is also part of a second lawsuit to save the CFPB alongside labor unions, Virginia Poverty Law Center, and a number of other civil society groups. There are many other actions as well. Each of these actions, and others are small bright lights of action and resistance during these difficult times.
Yet the Trump Administration is eager to defang and defund the CFPB which has returned $21 billion to consumers since its founding after the Great Recession.
Congress is working alongside the Trump Administration to eliminate protections for working families. Congress can overturn agency rules if they haven’t been established for a certain period of time.
On Wednesday, March 5, the House Financial Services Committee will consider getting rid of the overdraft rule–a rule that lowers overdraft fees at banks from $35 to $5, a move that will save households $5 billion annually.
Take two actions TODAY to help support consumer protections and economic rights:
