One of the reforms Congress passed to try to stop a future repeast of the financial meltdown that hurt small businesses and individuals was the establishment of the Consumer Financial Protection Bureau (CFPB).
Below is a letter from my friend Katherine McFate asking for your support for the CFPB. I encourage you to join the effort for a strong government agency that has already taken strong measures to protect us from the greed of Wall Street.
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February
20, 2013
In the wake
of the meltdown of the financial markets brought on by risky and predatory
lending practices, the Consumer Financial Protection Bureau (CFPB) was created
to rein in credit card companies and other financial institutions that prey on
vulnerable consumers. In the 24 months since it was created, we've applauded
its substantive work and the outstanding way that it operates, inviting
public input and exemplifying transparency. Unfortunately, its important work
is now threatened. The Senate vote to confirm Richard Cordray as the head of
the agency has been blocked for two years. (He's been there working under an
interim appointment.) It's time for the Senate to take a vote.
Please tell
your senators to vote on Richard Cordray's nomination so that the CFPB can
continue protecting all of us from the exploitative practices of big banks,
mortgage lending institutions, and credit card companies.
Thanks
to the CFPB, approximately half a billion dollars have been returned to
consumers cheated by credit card companies.
Thanks
to the CFPB, new mortgage rules will protect families and level the playing field
between small financial institutions like community banks and credit unions and
larger banks.
Thanks
to the CFPB, students will get more accurate information about the real costs
of their student loans.
It
required public pressure from Americans like you to establish the Consumer
Financial Protection Bureau. Now it's time for us to demand a vote on Richard
Cordray's nomination.
Please
make sure that the CFPB can continue to defend citizens from unfair lending
practices and other abuses. Write
your senators today to demand an immediate, up-or-down vote.
Thanks
being an engaged citizen!
Katherine McFate
President and CEO
Center for Effective Government
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If you truly represented small business, you would not be so quick to endorse this huge and ungoverned bureau.
ReplyDeleteSince the inception of Dodd-Frank and the creation of the CFPB the largest banks, the Too Big To Fail Banks, percentage of marketshares has gone UP to 60%! Small banks, the ones you say you represent, are gasping for breath. Several have had to quit providing mortgages for people in their communities, and up to 8 states have taken suit against this behemoth bureau.
The cost of complying with these massive regulations will cause small banks to close or consolidate, further adding to the up-sizing of our current banking system. If you like your local banks, you should oppose this bureau not endorse it
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