1. United States
2. Texas
3. Letter

I urge you to speak out and, if within your ability, vote against the Defund the CFPB Act introduced by Senator Raphael Cruz. This proposed act comes, of course, hot on the heels of Elon Musk announcing his own digital payment platform, "X Money," and the Consumer Financial Protection Bureau (CFPB) plays a critical role in safeguarding consumers from predatory and deceptive practices in the financial sector. Defunding the CFPB would eliminate crucial oversight and accountability measures, leaving consumers vulnerable to exploitation by unscrupulous actors. The CFPB has returned over $14 billion to consumers harmed by illegal practices since its inception. It has enforced regulations to prevent abusive lending, discriminatory mortgage practices, and unfair debt collection tactics. Stripping its funding would severely undermine its ability to protect American families and individuals from financial harm. Furthermore, the CFPB promotes transparency and fairness in the consumer finance market, fostering a level playing field for responsible businesses. Its oversight ensures consumers have access to clear information and fair terms when obtaining financial products and services. Preserving the CFPB's funding is essential to maintaining a well-functioning, ethical financial system that serves the best interests of all Americans. I implore you to recognize the invaluable role the CFPB plays in defending consumer rights and the integrity of our financial markets. Please vote against this legislation that would defund this vital agency and leave Americans susceptible to unscrupulous financial practices without recourse.