We wanted you to know, as one of the more than 160,000 signers of petitions telling the Senate to Confirm Director Cordray and Let the CFPB Do Its Job. In recent weeks, AFR and allied groups have delivered these petitions physically to the offices of 13 Senators, and electronically to the entire Senate. Meanwhile, around the country, editorials, op eds, and blog posts have demanded Cordray’s confirmation, while refuting false claims made about the CFPB’s supposed lack of accountability and “unprecedented” funding and structure. It made a difference. The public interest prevailed. “The political stalemate is over,” Senator Elizabeth Warren (who first conceived the idea for the CFPB) declared. “There is no doubt the consumer agency will survive beyond the crib.” The creation of this agency stands as one of the biggest and clearest victories yet won in the struggle for fundamental reform of the financial system. In its short life, the CFPB has already: •Moved to rid the mortgage market of loans designed to self-destruct •Shielded military families against various financial scams •Warned auto lenders against practices that jack up the price of credit for African-Americans, Latinos, women or seniors •Returned nearly half a billion dollars to consumers cheated by credit card companies; and •Begun to tackle a host of other problems, including predatory payday loans, excessive bank overdraft fees, abusive debt collection practices and the plight of students and families trapped in high-cost private education loans.
Posted on: Wed, 17 Jul 2013 19:21:59 +0000
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