House lawmakers are on the verge of a vote on a critical bill that could roll back essential reforms we made to rein in bad banking practices after the Great Recession. The “Financial Choice Act” is up for a vote next Wednesday.
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If this bill becomes law, the Consumer Financial Protection Bureau will lose its power to halt abusive banking, credit card, and mortgage practices. Since its creation in 2011, the CFPB has already returned nearly $12 billion to consumers and investigated 1.1 million complaints about banks and lenders.
But the “Choice Act” would undermine the enforcement powers of our CFPB watchdog, making it impossible to hold big banks and lenders accountable when they harm consumers. It also eliminates the public consumer complaints database, so that we can’t see for ourselves which banks and lenders have poor records.
Consumers should not bear the cost of bad banking practices. Call Congress now and demand a “no” vote on the Choice Act.