A pandemic is no time to gut the rules on Wall Street

The CFPB, OCC, SEC, FDIC, Federal Reserve, and the CFTC

A pandemic is no time to gut the rules meant to keep consumers safe from financial scams. But that hasn’t stopped big banks and predatory lenders from asking Trump for favors.

Instead of focusing on protecting consumers in the midst of the pandemic, and the economic hardship it’s causing, Trump-appointed regulators are busy rolling back rules. Including rules to prevent the kind of financial profiteering that is especially dangerous at a time like this. Virtually all the regulators who are supposed to keep Wall Street on the straight and narrow are plowing ahead with favors to the industry. They are putting us at risk, and they are diverting resources that should go to urgent public interest priorities.

Here’s what we’re already up against:

  • The Consumer Financial Protection Bureau wants to finish rolling back rules on predatory payday lenders while also continuing its absurd plan

  • The Federal Reserve wants to finalize a plan for lifting restrictions on Wall Street’s speculative trading -- the very machine responsible for the 2008 financial crisis.

  • The Comptroller of the Currency, himself a former big-banker, wants to hack away at rules that require banks to invest in their communities and make fair credit available in neighborhoods that were redlined and discriminated against.  

Sign our Petition to the financial regulators: Don’t Reward financial profiteers in the middle of a pandemic!

To: The CFPB, OCC, SEC, FDIC, Federal Reserve, and the CFTC
From: [Your Name]

At a time when millions of people across the United States are facing a health and financial crisis due to the COVID-19 pandemic, we need the resources of the federal government focused on families and communities’ urgent needs. We urge you to prohibit federal regulators from pushing out new regulations that are not related to the coronavirus pandemic. This step should be a priority in the next phase of response legislation. Let’s get the regulators working on behalf of public health, not private wealth.