The Republicans have threatened to kill the CFPB and they look to have finally pulled out their gun and taken aim. I received this message from Mary Bottari:
In a last minute development, opponents of financial reform are pushing for votes TODAY on amendments to gut the new Consumer Financial Protection Bureau (CFPB) (AMENDMENT NUMBER #391 – Moran), and to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act entirely (AMENDMENT NUMBER #394 – DeMint) . A vote to delay and try to derail curbs on fees banks charge merchants – and thus the consumer – on debit cards is already scheduled (AMENDMENT NUMBER #392 – Tester).
It is particularly important that your Senators hear from you that a vote for the Moran amendment on the CFPB is a vote to destroy the new Consumer Bureau. This proposal would put the regulators who failed to protect us from the predatory practices that led to the 2008 financial collapse IN CHARGE of the CFPB. It would strip the CFPB of its ability to stand up for consumers. It is designed to gut the consumer watch dog before it even opens its doors in July, and protect the big Wall Street banks and the status quo.