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Who Is Trying To Shut Down The Consumer Financial Protection Bureau -- And How, And Why

Monday, February 11, 2013 - 4:04 PM
Editorial from the 11 February 2013 edition of The New York Times...

Quietly Killing a Consumer Watchdog
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.

See <www.nytimes.com/2013/02/11/opinion/quietly-killing-a-consumer-watchdog.html> You may have to copy and paste the URL into your browser's address field.

OK, sorry for the interruption, now please continue complaining about how Democrats and liberals are bad.
6
ClickClackClickClack18 posts since
Feb 7, 2012
Rep Points: 149
1. Monday, February 11, 2013 - 5:45 PM
Thanks ClickClack for this interesting article, linky:

Log In - The New York Times

Let's hope not; we the consumers love CFPB!!
5
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
2. Monday, February 11, 2013 - 7:10 PM
There are advantages and disadvantages to the CFPB. Obviously, it is helpful for consumers to have another agency representing their interests, but the downside is that it can over regulate and, consequently, provide  less choice for consumers. With regard to mortgages, the agency has recently promulgated a very complex set of regulations governing every aspect of residential mortgages. It gives the banks no leeway in determining credit quality of applicants and prohibits a number of mortgages, like interest-only loans, 40 year amortizations, etc. Fewer people will be able to qualify for a mortgage if we have a one-size-fits-all system. I have an interest-only first mortgage for a variety of reasons and yet I may not have this option in the future. Unfortunately, the govt in its zeal to regulate the private sector can go overboard and perversely hurt the consumers they are trying to protect.
4
loulou521 posts since
Aug 3, 2010
Rep Points: 3,239
3. Monday, February 11, 2013 - 8:21 PM
Thanks Lou for offering a balanced view about CFPB.  I was a bit biased since CFPB helped me to get thousands of dollars back from the nasty Chase (the infamous Chase AARP Card AA Insident).
5
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
4. Monday, April 1, 2013 - 5:07 AM
Well the CFPB isn't happy to sit tight. The bureau has passed brand new regulations and started waging suits against financial providers that run afoul of consumer protection regulations, with charge card corporations being the first in the firing line. After winning lawsuits against Discover and Capital One, American Express is the most recent to settle with the CFPB, along with other agencies, and has agreed to refund $85 million to customers. Resource for this article: Check this website
3
SabrinaSSabrinaS1 posts since
Apr 1, 2013
Rep Points: 3
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