February 8, 2017 // Boston, MA – On Monday, Trillium Asset Management and more than 100 sustainable investors and businesses signed a letter urging the Administration and Congress to continue support for the Consumer Financial Protection Bureau (CFPB). Jointly organized by the Interfaith Center on Corporate Responsibility and the American Sustainable Business Council, the letter defends the CFPB, which has provided strong regulatory oversight of the financial sector to protect the interests of consumers, communities, and businesses since 2010.
Signatories call on members of Congress to preserve financial regulations implemented by the CFPB. The agency, which oversees U.S. consumer financial protection laws, currently protects consumers against the predatory practices of industry players such as debt collectors, payday lenders, and credit reporting bureaus. Members of Congress have begun to re-write CFPB regulations, which have the power to limit funding in the future and remove the director.
The letter asks Congress to:
Protect the financial well‐being of the American public and stand for strong consumer financial protections for all Americans and a fair and transparent financial marketplace;
Support the strong and effective leadership of CFPB Director Richard Cordray, and resist efforts to replace him before his term ends in July 2018
Oppose any legislative attempt to weaken the mandate of the CFPB and undermine the crucial consumer financial protection it provides to all Americans.
We urge the Administration and Congress to continue supporting CFPB regulations that protect the interest of consumers and support sustainable economic growth.
Read the full letter here.