Washington, D.C. — Following a barrage of false attacks launched at the Consumer Financial Protection Bureau from Silicon Valley elites today—including Elon Musk, Mark Andreesen, and others—based on self-interested lies to misrepresent the agency’s positions, purpose, and actions, the American Economic Liberties Project released the following statement.

“By attacking the Consumer Financial Protection Bureau, Silicon Valley elites are revealing that they are on the side of predatory corporations over American consumers,” said Nidhi Hegde, Interim Executive Director of the American Economic Liberties Project. “Under Director Rohit Chopra’s leadership, the CFPB has fought tirelessly to return billions to consumers, rein in exploitative junk fees, and hold repeat offenders accountable. Not only has the Supreme Court itself recognized the CFPB’s constitutionality, but Americans across the political spectrum overwhelmingly support the CFPB’s mission because it protects them from Wall Street scams, Big Tech overreach, or discriminatory practices. We need the CFPB now more than ever to ensure corporations play by the rules and stop ripping off hardworking consumers.”

“It’s convenient that almost every wealthy investor criticizing the CFPB has a financial relationship with a company that the CFPB has exposed for scamming, cheating, or stealing,” added Hegde. 

Since its inception, the Consumer Financial Protection Bureau (CFPB) has been a powerful ally for American families. Under Director Rohit Chopra, the CFPB has delivered billions in consumer relief, tackling everything from discriminatory lending practices to illegal junk fees. Read the full list of accomplishments here, but the highlights include:

Delivering Financial Relief to Millions

• Returning Billions to Consumers: The CFPB has ordered penalties and restitution in cases like Wells Fargo’s widespread illegal practices, resulting in $3.7 billion in penalties and refunds for affected consumers.
• Slashing Junk Fees: New rules targeting exploitative junk fees, such as overdraft charges and non-sufficient funds fees, are projected to save Americans $5.5 billion annually. Additional reforms to excessive credit card late fees will save consumers $9 billion annually.
• Addressing Medical Debt: Facing CFPB pressure, major credit reporting agencies reduced medical debt remarks on credit reports by 70%, and the Bureau has proposed a rule to remove medical bills entirely from credit reports.

Holding Corporations Accountable

• Repeat Offender Registry: The CFPB established a registry to monitor companies that repeatedly violate consumer protection laws, making it harder for them to escape accountability.
• Enforcement Actions Against Big Banks and Fintechs: Actions have targeted major institutions, including fines on Bank of America for freezing unemployment benefits and illegal garnishments, and penalties for predatory fintech practices.
• Cracking Down on Discrimination: The Bureau has pursued record-breaking fair lending enforcement, including a $22 million settlement with Trident Mortgage for illegal redlining in Philadelphia.

Tackling Predatory Practices

• Fighting Hidden Fees: The CFPB has exposed and acted against hidden costs in industries like student loans, mortgage lending, and remittance services. Initiatives to eliminate “zombie mortgages” and other forms of deceptive debt collection are protecting vulnerable consumers.
• Protecting Military Families: The agency has enforced the Military Lending Act, stopping predatory practices targeting servicemembers and their families, including illegal lending schemes by TitleMax and deceptive advertising by RMK Financial.
• Protecting Student Borrowers: Major enforcement actions have eliminated billions in fraudulent student debt, with Navient ordered to pay $120 million in restitution for deceptive practices.

Reforming the Financial System

• Open Banking: The Bureau finalized rules allowing consumers to control and transfer their financial data, a move to boost competition and consumer choice in banking services.
• Addressing Big Tech’s Financial Influence: CFPB initiatives have targeted the financial surveillance practices of tech companies and promoted competition in digital payment systems.
• Promoting Competition and Innovation: The agency launched the Office of Competition and Innovation to ensure fair access to financial markets and support new entrants.
• Combatting Data Misuse: Investigations into data brokers and enhanced standards for credit reporting companies have aimed to secure consumer privacy and prevent exploitation.

Read the full list of the CFPB’s accomplishments under Director Chopra here.

Learn more about Economic Liberties here.