Civil Rights Coalition Calls on House to Reject All Proposals to Weaken the Consumer Financial Protection Bureau

Washington, D.C.  – Nancy Zirkin, executive vice president of The Leadership Conference on Civil and Human Rights, a coalition of more than 200 national civil and human rights organizations, released the following statement on today’s hearing by the House Financial Services Committee Subcommittee Financial Institutions & Consumer Credit on proposed legislation to change the structure of the Consumer Financial Protection Bureau (CFPB):

“In the last two and a half years, the United States weathered a financial meltdown, which nearly wiped out the wealth of millions of Americans, and one of the worst recessions in nearly a century—all caused by a Wall Street run amok.  The Consumer Financial Protection Bureau was created last year because a federal watchdog was needed to prevent Wall Street from ever again engaging in abusive and reckless practices that harm consumers and the economy.

The proposals currently under consideration in the House would effectively make it impossible for the CFPB to do its job protecting Americans from the very same abusive and predatory practices that led to the financial collapse in 2008.  That is not what Americans need. That is not why Congress passed financial reform legislation last year.

This is all part of a coordinated strategy by those who, despite the catastrophic evidence to the contrary, continue to cater to Wall Street’s interests rather those of Main Street and are determined to undermine the Consumer Financial Protection Bureau and the entire financial reform law.

 We urge the members of the House to consider the hard lessons we’ve learned and to reject any attempt to weaken the bureau’s effectiveness.”

The Leadership Conference on Civil and Human Rights is a coalition charged by its diverse membership of more than 200 national organizations to promote and protect the rights of all persons in the United States. The Leadership Conference works toward an America as good as its ideals. For more information on The Leadership Conference and its 200-plus member organizations, visit www.civilrights.org.

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