Protecting the wallets and pocketbooks of Main Street families is why we all need consumer protection. Every American with a savings or checking account, credit or debit card, or loan of any type is targeted and ripped off by scammers, fraudsters, and giant financial corporations charging hidden junk fees.  That’s why the Consumer Financial Protection Bureau (CFPB) was created: to stand up for Main Street Americans against giant financial firms who have taken their money. That’s why the CFPB has forced financial companies to return more than $20 billion to almost 200 million ripped off Americans.

Nevertheless, the Trump administration and billionaire Elon Musk is working to “delete” the Consumer Financial Protection Bureau (CFPB). While it might be difficult for a billionaire to understand why the agency is so important, the 200 million Americans who have received checks from its work would disagree. The agency has proven to be one of the most effective investor and consumer protection agencies in the history of financial regulation. And precisely for that reason, Wall Street and its allies have been relentless in trying to abolish or neuter it. The financial  industry’s singular focus is on abolishing the CFPB or crippling the agency from within.

The Better Markets team is working to support the agency and its critical mission by calling out financial industry lies about the agency and showing how it makes a real difference in the lives of millions of Americans.

Selected Better Markets Materials on the CFPB:

Press Release: In Trying to Kill the CFPB, Trump Gives Wall Street’s Biggest Banks A Win and Main Street Americans a Slap in the Face

Press Release: Trump’s Siding With Wall Street In Firing Consumer Protection Director Chopra Is A Slap in the Face to Hard Working Main Street Americans

Substack: The Consumer Financial Protection Bureau (CFPB) Protects All Americans and Must Not Be Abolished, Weakened, or Sidelined

Fact Sheet: The CFPB Is Making Progress On Economic Racial Inequality, But There Is More To Do

Amicus Brief: Sidelining or Weakening the CFPB Will Hurt All Financial Consumers, But People of Color Stand to Suffer the Most

In the Media:

Politico Morning Money: The end of the CFPB

“It’s been 17 years since the crash,” said Dennis Kelleher, the president, CEO, and co-founder of Better Markets. “It’s just mind-boggling that the financial industry has the power to cripple a consumer protection agency that was created to prevent ripping off financial consumers and undermine financial stability.”

Associated Press: Trump administration orders consumer protection agency to stop work, closes building

“Dennis Kelleher, president of Better Markets, an advocacy group, said, “that’s why Wall Street’s biggest banks and Trump’s billionaire allies hate the bureau: it’s an effective cop on the finance beat and has stood side-by-side with hundreds of millions of Americans — Republicans and Democrats — battling financial predators, scammers, and crooks.”

CNN: Elon Musk is waging war on a key check on his business empire

“Elon Musk is trying to cripple an agency that is trying to protect consumers who he is trying to sell products and services to,” said Dennis Kelleher, CEO of Better Markets, a nonprofit that advocates for tougher financial regulation. “When they get ripped off, mom and pop on Main Street have no chance on their own fighting against these gigantic financial corporations.”