Friends Fiduciary joined other investors in voicing support for a strong Consumer Financial Protection Bureau (CFPB). The investor coalition, including the Interfaith Center on Corporate Responsibility and the American Sustainable Business Council, sent a letter to President Trump and members of Congress in February, emphasizing the integral role that the CFPB has played in protecting Americans from the “abusive corporate financial practices that caused the 2008 financial crash.” The Financial CHOICE Act, a bill repealing Dodd-Frank (the legislation that led to the CFPB’s creation) was approved in June by the House. The Financial CHOICE Act significantly reduces the CFPB’s budget and regulatory power thereby removing its ability to hold Wall Street accountable.
Friends Fiduciary believes the CFPB provides an essential regulatory floor, ensuring that risky and unethical financial decisions made by those in the financial industry are proactively addressed, protecting Americans and businesses from another 2008 crisis. The CFPB is an important safeguard in maintaining integrity and transparency critical to the health of our financial system.
Read the letter here.