The CFPB Has Returned Billions To Swindled Families. Naturally, Republicans Want It Dismantled

The CFPB Has Returned Billions To Swindled Families. Naturally, Republicans Want It Dismantled

Reprinted with permission from AlterNet.

Less than a week after the Consumer Financial Protection Bureau celebrated its sixth anniversary, the Trump administration issued a decisive blow to the Bureau’s latest progress regarding a key arbitrations rule, which it now aims to nullify.

For Republicans, the CFPB must be curtained like similar government agencies at the helm of President Trump’s deregulation agenda. But the policies championed by the CFPB continue to greatly benefit the average American.

“The question is, why has [the CFPB] drawn so much fire from the Republicans in Washington?” asked CFPB founder Massachusetts Senator Elizabeth Warren at a press conference Tuesday with House Minority Leader Nancy Pelosi (D-CA). “Why is it that the banks and the financial services industry [are] after it day after day after day? I’ll tell you the answer. It’s because it works.”

The CFPB “has provided needed oversight to mortgages, credit cards, student loans and other financial products,” explained Ken Blackledge, a produce farmer and independent voter from Central Iowa. His letter to the editor published in the Des Moines Register on July 25 seeks to emphasize the bipartisan importance of Warren’s agency on the heels of pivotal Dodd Frank reform.

“That little agency has forced the biggest financial institutions in this country to return nearly $12 billion directly to families they cheated,” Warren stated. “It’s handled more than a million complaints. It’s done tough oversight and enforcement, and it’s come out with regulations that—piece at a time—are beginning to level the playing field between giant financial institutions on one hand and American families on the other.”

Watch:

Alexandra Rosenmann is an AlterNet associate editor. Follow her @alexpreditor.

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

History And Terror In The Skies Over Israel

Anti-missile system operating against Iranian drones,seen near Ashkelon, Israel on April 13, 2024

Photo by Amir Cohen/REUTERS

Iran has launched a swarm of missile and drone strikes on Israel from Iranian territory, marking a significant military escalation between the two nations. Israel and Iran have been engaged in a so-called shadow war for decades, with Iranian proxies like Hezbollah rocketing Israel from Lebanon and Syria, and Israel retaliating by launching air strikes on Hezbollah missile sites. Israel has also launched strikes on Iranian targets in other countries, most recently an airstrike on part of the Iranian embassy in Damascus, Syria, which killed several top Iranian “advisers” to its military, including Mohammad Reza Zahedi, a senior officer in Iran’s Quds Force, an espionage and paramilitary arm of Iran’s army.

Keep reading...Show less
Whose Votes Does Biden Need To Win -- Hard Left Or Haley Republicans?

President Joe Biden

How A Dire Shortage Of Poll Workers Threatens Our Democracy

Barack Obama got it right. He refused to be held captive to his party's left wing. He adopted a strenuous policy of border enforcement, even as some Latino activists threatened to withhold their support for him. He had tense relations with Israeli leader Benjamin Netanyahu, but when anti-Israel protesters interrupted a Biden fundraiser over the Gaza conflict, Obama reprimanded them: "Here's the thing, you can't just talk and not listen." And the hall broke into applause.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}