WASHINGTON, DC – With the State of the Union tonight, advocates and former Consumer Financial Protection Bureau (CFPB) staff gathered today across from the U.S. Court of Appeals for the D.C. Circuit.
The full court heard arguments on National Treasury Employees Union v. Vought, a case that could allow the Trump Administration to cut funding and staff at the CFPB, the nation’s primary consumer finance watchdog.
A coalition of 81 national and state civil rights, consumer protection, and other advocacy organizations also sent a letter to the Senate today urging lawmakers to defend the agency’s independent funding and oppose attempts to undermine the agency.
Graciela Aponte-Diaz, vice president of community engagement at the Center for Responsible Lending and a former CFPB employee, spoke at the rally. Her remarks pointed to Texas developer Colony Ridge sued by the CFPB for targeting Latino families with predatory loans:
Here's what you will not hear at tonight's State of the Union address: the Trump administration settled that case for zero dollars to the victims. Zero.
And Colony Ridge is not alone. The Trump administration and Director Vought have dismissed case after case — cases that would have delivered relief to victims of predatory lending...
This is the deliberate dismantling of an agency created to protect us.
Video of Aponte-Diaz's full speech will be available at facebook.com/CenterforResponsibleLending.
Since its creation, the CFPB has returned more than $20 billion to consumers. However, in recent months, the Trump Administration blocked refunds to servicemembers and veterans charged illegal fees, compensation for auto loan borrowers caught in an illegal scheme, and relief for student loan borrowers harmed by prohibited practices. The Administration also moved to halt rules that would have lowered credit card late fees and overdraft fees.
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Press Contact: Vincenza Previte vincenza.previte@responsiblelending.org