-make $700 billion in risky loans;
-develop bait-and-switch rate increases for credit cards; and
-collect over $27 billion in overdraft fees.
…all while states were forbidden to act.
That’s why we need to make sure the Consumer Financial Protection Agency sets strong federal minimum protections that states can build on. Right now, industry lobbyists are seeking to gut the Consumer Financial Protection Agency before it even has a chance to work. The financial companies want to be able to ignore stronger state laws designed to protect consumers from local abuses.
Will you take a moment and contact Rep. Melissa Bean at 202-225-3711 before 4:30pm CST today and tell her that communities need the strongest possible financial watchdog? The deadline for amendments is 4:30 CST today and we need to ask Rep. Bean not to introduce an amendment allowing banks to circumvent state laws.
We need you to let Rep. Bean know that:
1. You support H.R.3126 establishing a Consumer Financial Protection Agency as it is written;
2. The Consumer Financial Protection Agency should set minimum standards, not maximum ones;
3. States need the authority to support federal oversight with state action. States should not be forced to sit on the sidelines when consumers are being abused.
Your time, effort, and support are greatly appreciated. We have made great gains so far–Rep. Bean withdrew her preemption amendment when the CFPA was in the House Financial Services Commitee. We need to make our voices heard again and let her know that states need the authority to act when their consumers are suffering.