Making American Banking Risky Again

CPBA’s Rick Girling writes in his latest op-ed: public banking advocates stand with the CFPB and against efforts to gut the few safeguards working people have left. Wall Street and billionaire tech moguls are coming for financial protections, but we’re not backing down. Read Rick’s piece in Stansbury Forum:

https://stansburyforum.com/2025/05/03/making-american-banking-risky-again

“Since 2012, consumers have been credited or saved more than $23 billion due to CFPB actions. The CFPB won a suit against Wells Fargo for $3.7 billion for decades of mismanagement of auto loans, mortgages, and deposit accounts harming more than 16 million Americans gaining them justice after suffering fraud. The CFPB recovered $363 million from lenders who scammed service members and veterans by violating the Military Lending Act. The CFPB instituted a rule limiting overdraft fees to $5 instead of the customary $20-35 that banks charge customers who have the least in their accounts, a projected savings of $5 billion to consumers. Unfortunately, Congressional Republicans killed this rule in April allowing banks to go back to charging whatever they want.

Organizations working to democratize finance such as the California Public Banking Alliance, the San Francisco Public Bank Coalition and Americans for Financial Reform strongly support the work of the CFPB. They are also strongly opposed to billionaire tech moguls and bankers’ attempts to defang these effective regulators and consumer advocates.” 
– Rick Girling, The Stansbury Forum