To the Editor, RE: Defending the CFPB The Consumer Financial Protection Bureau was created by Congress after the Great Recession to protect consumers and reduce the risk of another economic collapse.
The Consumer Bureau is an American success story, but Congressman Pearce has supported attacks against it that serve Wall Street. The bureau was in the news a few months ago for its record $100 million penalty against Wells Fargo for millions of fraudulent consumer accounts. Disappointingly, Congressman Steve Pearce co-sponsored legislation that would remove the bureau’s independent funding from the Federal Reserve (made up of bank fees, not taxes.) How much money would Congress budget for this watchdog when the financial sector just spent $1.4 billion during the last election cycle?
If enough New Mexicans contact our members of Congress, we can make sure they side with consumers the big Wall Street banks.
Sincerely, Andrew Balis,
New Mexico PIRG