House Republicans this week voted to weaken the Consumer Financial Protection Bureau, a new federal agency that would help protect consumers from the kinds of financial schemes that led to the collapse of the financial system in 2007 and 2008.

The Consumer Financial Protection Bureau (CFPB), which began its work this week as well, is considered the major victory for the Obama administration as part of a package of Wall Street reforms in 2010.



The American Bankers Association, the American Financial Services Corporation, the Mortgage Bankers Association, and the U.S. Chamber of Commerce supported the bill authored and passed by House Republicans this week that would weaken the new bureau.



According to data compiled by MapLight.org, an organization that analyzes campaign contributions, the bill was opposed by labor unions and consumer groups, including the American Federation of State, County and Municipal Employees, Consumer Watchdog, the Greenlining Institute, the NAACP, and the SEIU.



MaoLight.org also provided detailed information on the relationship of campaign contributors and the House vote. For example, groups that supported this motion, i.e. associations of commercial banks and lending institutions and financial services and consulting businesses, gave an average of 54 percent more to House members who voted to weaken the CFPBthan to House members who voted against the Republican bill.



Opponents of the Republican bill – that is, groups who back strong consumer protections – gave about four times more to members of the House who voted against the measure.



While a handful of Democrats with ties to the financial services industry voted with Republicans, the vote mainly fell along party lines, wit honly a single Republican voting to protect consumers, MapLight.org found.