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

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

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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.

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32 Comments

  1. old_blu July 30, 2017

    Senator Elizabeth Warren is an awesome person, and I think she’d be a great president, “but” I’m not sure she could win, and she’s a valuable ally in the Senate, we can’t afford to lose. Just an opinion.

    Reply
    1. plc97477 July 30, 2017

      I agree. She is from a fairly reliable blue state but I would still rather she stay on the senate banking committee.

      1. Dorianbstratton July 31, 2017

        Google is paying 97$ per hour! Work for few hours and have longer with friends & family! !pa186:
        On tuesday I got a great new Land Rover Range Rover from having earned $8752 this last four weeks.. Its the most-financialy rewarding I’ve had.. It sounds unbelievable but you wont forgive yourself if you don’t check it
        !pa186:
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      2. Christinammorales August 1, 2017

        Google is paying 97$ per hour! Work for few hours and have longer with friends & family! !pa275d:
        On tuesday I got a great new Land Rover Range Rover from having earned $8752 this last four weeks.. Its the most-financialy rewarding I’ve had.. It sounds unbelievable but you wont forgive yourself if you don’t check it
        !pa275d:
        ➽➽
        ➽➽;➽➽ http://GoogleFinancialJobsCash275BuzzZoneGetPay$97Hour ★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★:::::!pa275l..,….

    2. kep July 30, 2017

      Pocahontus lied to get financial help with school. She is a typical loud mouthed, lying liberal that would continue to push failed libetal policies. Liberals are terrorists that should be deported or jailed.

      1. old_blu July 30, 2017

        I stopped reading at “Pocahontus” try to think for yourself, and try to be a better person.

        1. kep July 30, 2017

          You should pull your head out of your commie handlers butt. Try reading something other than the daily liberal lies and propaganda.

          1. old_blu July 30, 2017

            You slow? I said I stopped reading at “Pocaontus”.

            How’d you like the dramatic, and public way Senator John McCain gave Trump the middle finger?

          2. kep July 30, 2017

            McCain and Graham are both career politicians that might as well be libetals. Both are useless.

          3. old_blu July 30, 2017

            Maybe, but you have to admit that what senator McCain said is true.

            “The Obama administration and congressional Democrats shouldn’t have forced through Congress without any opposition support a social and economic change as massive as Obamacare, and we shouldn’t do the same with ours.” ~~ John McCain ~~

            And you have to admit that was the best middle finger you ever saw.

          4. Aaron_of_Portsmouth July 30, 2017

            Right you are!!

          5. idamag July 31, 2017

            The ACA took months to come to pass. I watched it all on C-span and it was obvious that the racists did not want Obama to succeed. It was also bi-partisan and there were many hearings on it.

          6. old_blu July 31, 2017

            Oh I know it was being debated for 18? months (I think) before it was voted on, that’s why when people say they didn’t read it until it was passed I laugh, if they didn’t read it then it was their own fault.

            I’m pretty sure Obamacare was passed over the unanimous objection of the minority party, the Democrats having won a massive, landslide victory in 2008. They figured this gave them a mandate to carry out the promises made during the campaign—silly, I know, but doesn’t that sound familiar now?
            I’m not defending them because . . . . well because their healthcare bill sucks.

          7. Dapper Dan July 31, 2017

            Actually what McCain did is what Roman Emperors did if someone should live or die. He simply gave a big thumbs down which not only pissed Trump off but the shock on McConnells face was priceless ????

          8. old_blu July 31, 2017

            That was priceless.

          9. Aaron_of_Portsmouth July 30, 2017

            Still got Joe McCarthy’s disease—“Commies on the brain”. If you’re so concerned about “commies”, you should direct your ire at Donald, who is accommodating those “commies” you’re obsessed about.

        2. dbtheonly July 31, 2017

          Spelling Pocahontas correctly might be a start.

          Asserting that Sen. Warren committed fraud without evidence is typical.

          Then again Fox viewers routinely prove themselves to be the most ill-informed.

          1. idamag July 31, 2017

            Certainly not the brightest people on the planet.

      2. Aaron_of_Portsmouth July 30, 2017

        Like someone else posted, you should learn to think for yourself. Of course, this may be a moot point if your mind has been so rotted out by extremist right-wing propaganda.
        I wonder if all your friends, and the Right Wing knaves in general, all have a similar deficit in rational thought as you.

        1. idamag July 31, 2017

          I have him blocked. If I wanted to listen to an A-hole, I would fart.

          1. Thoughtopsy July 31, 2017

            Ironically I think he’s blocked me.
            Must’ve got to him, finally. LOL

          2. idamag August 1, 2017

            He’s white rural America. They grow up in small communities where their only exposure to diversity is black or brown cows, sheep or pigs, and therefore do not get the beauty of different ideas and people. When they spend their lives debating livestock and I am not sure which end or drinking coffee in the local cafe and reinforcing their views against the big, bad gov’mint, while having their hands out for their government subsidies, you get what kep is.

          3. old_blu July 31, 2017

            Hahaha, : ))

      3. Thoughtopsy July 31, 2017

        Quick dodge, everyone.
        Kep is spewing floor-licker drivel again.

    3. Dapper Dan July 31, 2017

      Great America can Elect trump but not Elizabeth Warren ? If she had run and gotten the nomination she definitely would’ve cleaned Trumps clock. Don’t count her out yet and I hope she thinks of running in 2020

      1. old_blu July 31, 2017

        Oh, we agree, but Trump and his ilk are sneaky buggers.
        I would stand behind Elizabeth Warren and I think she’d be a great president, and I don’t think she’d lose because she wasn’t qualified, but no one was more qualified than Hillary either.
        Seems America is voting for the more qualified, but they just can’t win. ????

        1. Dapper Dan July 31, 2017

          I love Elizabeth Warren who’d be my top pick if she runs. On the republican side there actually is a former candidate I’d vote for if he runs again John Kasich. He’s made it very clear that he abhors Trump every bit as much as most people do. Trump even asked him to be on the ticket and he couldn’t run fast enough so he goes with his backup Mike Pence. He’s spoken favorably of improving the ACA and supports gay rights which is anathema to a lot of republicans. After this disaster they gave us the republicans need to apologize profusely and give us a competent nominee in 2020. If they don’t the party is toast and perhaps moderates like Kasich start a new party. Tea Partiers and whackos need not to join

          1. old_blu July 31, 2017

            You and me think a lot alike Dan, I thought Kasich would have been a good choice too, and may have been able to sway a vote from me.
            I was completely dumbfounded at how many bigoted, hateful people there are in the U.S. that put Trump in, they do owe America an apology.

    4. idamag August 1, 2017

      She has done more to protect financial consumers than the entire republican party has ever done.

      1. old_blu August 1, 2017

        Oh yeah, we agree on that.

  2. Aaron_of_Portsmouth July 30, 2017

    Before I offer a post posted elsewhere on the topic of eugenics and sterilizing of prisoners in return for shorter sensences, I must say that I do not offer this as a support of any one political group. This would only contribute to the already vast chasm separating the Right from the Left, Democrats from Republican.

    Rather, I wish to stress a correlation which has fascinated me as I consider the implications of disunity in America from my evolving Baha’i perspective, as an African American who was born and raised in Jackson, grew up in Jim Crow Mississippi, in the 60’s, have had the opportunity to read a lot, travel to various countries around the world, and have friends and co-religionists of every cultural/racial/ethnic group living on each continent.

    So, here is my post:

    ———————————————————————————————————-
    “Judge Benningfield seems surprised by the outrage his program has been met with.

    “It seemed to me almost a no-brainer,” he told NewsChannel5. “Offer these women a chance to think about what they’re doing and try to rehabilitate their life.”

    The above passage may as well have been taken from the notes by some of the early outspoken eugenics proponents when they first proposed this immoral procedure, and expressed how their work “benefits” the sterilized.

    We should all take it upon ourselves to understand the wider ramifications of Eugenics, how the elites in America eagerly signed on in support of the immoral frankenstein thinking of the Eugenics Movement from the time of its birth in America, I encourage all to read the book “Three Generations, No Imbeciles: Eugenics, the Supreme Court, “, by Paul Lombardo.

    (https://www.amazon.com/Thre

    In this book, you may see the same things I saw, i.e., how Eugenics followed naturally from earlier European proclivities to want to shape human society on the basis of hereditary principles gleaned from breeding animals for better productivity.
    The confluence of breeding better humans, the theories of racialism, of the need for higher productivity in human society, the imperative of a capitalism motivated more by material gain at the expense of the more vulnerable, and a “conservative” approach to using productivity and capitalism as the driving force for political policies, are all carefully and seamlessly woven into the current political ideology of Conservatism.

    This hideous amoral ideology which artificially sets standards as to who is “fit”, who is “unfit”, and how capitalism would benefit in reduction of procreation in the “unfit” population in America, is a major piece of the legacy of America currently. This can be altered—this trend and legacy—but only by the painful decision to detach ourselves from crass materialism. Easier said than done after centuries of an appetitive drive to acquire.

    Reply
  3. Thoughtopsy July 30, 2017

    Of course the CFPB has to go…

    The GOP is the party of tradition… and screwing over your own citizens until they die through lack of money to buy extortionate health insurance, or commit suicide through despair, is a time-honored American way of making money.

    So much so that you export it all over the world.
    Foxcon anyone?
    Ivanka’s child sweat shops?
    Etc etc

    Reply

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