Closing the CFPB Would Harm Working People, Empower Bad Corporate Actors

After the Trump administration ordered employees of the Consumer Financial Protection Bureau (CFPB) to stop their work and stay home, Dēmos president Taifa Smith Butler released the following statement: 

This decision would leave Americans of all backgrounds, especially people with limited economic security, people of color, without a valuable defense against corporate abuse.

"Demos has long championed protections for everyday people against financial predators, especially for Black and brown communities long affected by decades of discriminatory and harmful banking practices. As a strong proponent of the CFPB since its inception, it has been an essential way to safeguard consumers against financial injustice. Given the economic hardship that many families face, we should not erode or eliminate these structures. This decision would leave Americans of all backgrounds, especially people with limited economic security, people of color, without a valuable defense against corporate abuse. This requires Congressional approval. 

“In order to realize our vision of a just, inclusive, multiracial democracy and economy, we need more bold reforms and protections for community members, not fewer. Our financial system requires reform and accountability. Its unjust practices have preyed upon and displaced Black and brown communities for decades. We must stay vigilant to ensure everyday people can withstand these systemic harms.   

Defending the CFPB—a watchdog agency that has provided $19.7 billion in consumer relief—transcends party or ideology. It’s about prioritizing people over corporate interests.”  

“This administration has, in just a few short weeks, demonstrated its disregard for the public good. Defending the CFPB—a watchdog agency that has provided $19.7 billion in consumer relief—transcends party or ideology. It’s about prioritizing people over corporate interests.”