What is Happening at the Consumer Financial Protection Bureau and What it Means for Consumers (Hall Monitor)
The Consumer Financial Protection Bureau (CFPB) was originally championed by a then-law professor, now United States Senator Elizabeth Warren. It is being demolished.
The Agency was established after the banks, mortgage companies, and investment houses that were “too big to fail” caused the 2008 financial crash. The economic and human cost of the crisis – almost nine million lost jobs, 12 million homeowners facing foreclosure and an estimated $10 to 15 trillion in lost GDP led to reforms, including the creation of the CFPB.
Unlike Ireland, Iceland, and other countries, US bankers were not prosecuted; they were bailed out.
Instead of jailing the bankers as a deterrent, the CFBP developed regulations to control financial institutions. That seems to be too much for President Trump. Asked if he intended to eliminate the CFPB, Trump replied, “I would say, yeah, because we’re trying to get rid of waste, fraud, and abuse.”
Will eliminating the CFPB eliminate waste, fraud and abuse, or make it easier for corporate criminals to act?
Read the story at Hall Monitor
🥨 📣 PHILLY PICKET
5pm Friday 4/25 🔔
Fired & unfired TWICE now, but Russ Vought’s illegal RIF attempts won’t distract us: we’re still out here warning our neighbors that without CFPB workers on the job, these big banks are operating LAWLESSLY! #SaveOurServices #LetUsWork
RSVP➡️ nteu335.org/philly
LET US WORK! Info Picket to #SaveOurServices! Join workers from CFPB Union, NTEU, Philly CLUW (Coalition of Labor Union Women) and FUN (Federal Unionists Network) and supporters from Philly DSA and Reclaim Philadelphia at this event to fight back against attacks on our public services.
Workers at Consumer Financial Protection Bureau, Veterans’ Affairs, National Park Service, and more have been illegally fired or locked out from doing our jobs serving the public.
- CFPB workers protect working people from corporate greed, fraud, and financial exploitation.
- VA workers provide health, education, disability, and financial benefits earned by veterans, service members, and their families.
- NPS workers care for our national parks, preserving access to nature, landmarks, and local history for current and future working people.
We’re information picketing outside the Wells Fargo Building because Wells Fargo is an active collaborator in Elon Musk’s corporate takeover of our public services. Wells Fargo, like all the big banks, is currently operating lawlessly, with zero oversight from Trump’s CFPB since February. Meanwhile, Wells Fargo is calling for the corporate selloff of our United States Postal Service for the benefit of greedy investors.
Locally-organized pressure in EVERY city is the key to stopping Musk-and-friends’ greedy corporate takeover of OUR public services!
