This letter urges the opposition of HR 1261 or any similar bills that undermine the independence of the Consumer Financial Protection Bureau (CFPB) by subjecting it to the appropriations process. It is less than five years since the CFPB was established. Since then, it has fulfilled Congress's vision of a federal agency with "the authority and accountability to ensure that existing consumer protection laws and regulations are comprehensive, fair, and vigorously enforced." Through its rulemaking, supervision, enforcement, and consumer education and complaint system, the CFPB has made enormous strides in ensuring that the financial marketplace is fair to consumers. Its enforcement efforts alone have resolved more than 80 cases and secured $11.2 billion in relief for consumers.
