On Feb. 10th, the NY Times featured an interesting editorial entitled “Quietly Killing a Consumer Watch Dog” about the efforts to de-claw the CFPB by refusing to recognize the interim appointment of its Director Richard Cordray. You may not agree that any specific political party is solely responsible for the many attempts that have been made on the CFPB’s life, but you cannot controvert that powerful parties have tried to break up the CFPB even while it was but a gleam in Elizabeth Warren’s pre-Senate eye. Here’s an excerpt, with the full piece at the link:
If you’d like to know why Republicans are trying to shut down theConsumer Financial Protection Bureau, take a look at three things the agency has already accomplished in its first 18 months:
It called a halt to predatory practices by mortgage lenders, ensuring that borrowers are not saddled with loans they can’t afford and preventing brokers from earning higher commissions for higher interest rates.
It won an $85 million settlement from American Express, which it accused of deceptive and discriminatory marketing and billing practices.
It opened an investigation into questionable marketing practices by banks and credit card companies on college campuses, which often take place after undisclosed financial arrangements are made with universities.
The consumer bureau has taken seriously its mandate to protect the public from the kinds of abuses that helped lead to the 2009 recession, and it has not been intimidated by the financial industry’s army of lobbyists. That’s what worries Republicans. They can’t prevent the bureau from regulating their financial supporters. Having failed to block the creation of the bureau in the 2010 Dodd-Frank financial reform bill, they are now trying to take away its power by filibuster, and they may well succeed.