On this day in 2011, the Consumer Financial Protection Bureau (CFPB) was founded. And for 12 years, the Bureau has been committed to fighting for financial protection, equity and billions in relief for Black, Indigenous and People of Color (BIPOC) and Low-to-Moderate Income (LMI) communities.
In 12 years, the CFPB has worked to ensure transparency and accountability in the financial marketplace by highlighting the unique risks of digital payment apps to servicemembers, providing guidance on what constitutes abusive conduct in financial markets, uncovering illegal junk fees on bank accounts, mortgages and student and auto loans, and, earlier this month, it ordered Bank of America to pay nearly $200 million for charging illegal fees, withholding credit card rewards and opening fake accounts.
After years of fighting for a strong Section 1071 rule, CFPB Director Rohit Chopra announced a finalized rule in March — a huge victory for women-owned and BIPOC-owned small businesses.
For these reasons and many more, we’re proud to stand next to the CFPB.
The Bureau’s work is proof that it puts consumers first. So It’s unfortunate to see it subject to problematic and baseless attacks from bad actors. After the U.S. 5th Circuit Court of Appeals ruled the Bureau’s funding structure unconstitutional, Rise Economy CEO Paulina Gonzalez-Brito offered this statement:
“Since its establishment, the CFPB has been vital in helping families navigate the complexities of the financial industry and the products available to them. Because of this, it’s of the utmost importance that we protect this agency. If we do not, families and vulnerable communities will be subject to significant harm.”
We’ll continue to fight for, work alongside and support the CFPB in pursuit of a fair economy that works to meet the needs of all.