CA AJR48

Legislature urges the President and Congress to maintain the integrity of the Consumer Financial Protection Bureau (CFPB) to protect consumers from abusive financial products and practices.

CFPB has returned nearly $12.4 billion to over 31 million consumers harmed by unfair practices and processed over one million complaints in its first five years of operation.

California residents filed over 144,719 complaints to the CFPB regarding student loans, payday loans, debt collection, mortgages, and credit card scams; California received a $3.6 million Wells Fargo settlement for fraudulent practices.

Legislature demands the CFPB maintain a consumer-centered mission with a single director experienced in consumer protection, independent funding outside congressional appropriations, and a community advisory board representing working people.

CFPB enforcement actions address predatory lending practices including payday loans (391% average annual interest), student loan servicer complaints, illegal debt collection practices, and wrongful mortgage foreclosures affecting millions of households.