You got one in the Consumer Financial Protection Bureau. In a little more than a year, this watchdog made the banks pay back $425 million to consumers they duped, made sure borrowers can pay back their loans, and demanded an end to hidden credit card fees.
But rather than being celebrated, your watchdog is under attack. A minority of Senators is holding up the CFPB director’s confirmation unless they can weaken his ability to protect the public – and turn him into a lapdog!
But this success is rubbing the financial lobbyists the wrong way. They want to weaken the bureau by subjecting it to the highly politicized and sluggish Congressional funding process; replace the director with a five-member commission; and let other bank regulators (those who failed to prevent the economic meltdown) veto the bureau’s decisions.
A block of Senators is holding up Cordray’s confirmation for a new term until they get these changes. And without a confirmed director, each of us is at greater risk of being scammed – the CFPB can’t exercise its full powers over payday lenders and certain mortgage operators, as well as student loan servicers and credit reporting agencies.
- Senate Panel Gives Thumbs-Up To Confirming CFPB Director Cordray (consumerist.com)
- Sen. Elizabeth Warren slams Republicans: Worry less about helping big banks (rawstory.com)
- Consumer bureau wants your complaints (lifeinc.today.com)
- Senator Warren slams Republicans: Worry less about helping big banks and more about helping ordinary consumers (sott.net)
- Consumer Financial Agency to Increase Oversight of Student Loan Servicers (legaltimes.typepad.com)
- CFPB Director Cordray To Make His Case For Another Term Tomorrow (consumerist.com)
- Gov’t seeks closer oversight of student loan firms (miamiherald.com)
- Elizabeth Warren blasts Republicans in Cordray hearing (dailykos.com)
- CFPB Announces New Push To Alleviate Mounting Student Loan Debt (dailyqueernews.wordpress.com)
- Gov’t seeks closer oversight of student loan firms (seattlepi.com)