The Bureau of Consumer Financial Protection is an important watchdog resource for ordinary Americans who are trying to hold onto their hard-earned money. We don't want congress take away this valuable ally of the ordinary American consumer and take us back to the same destructive financial climate that allowed so many unsuspecting Americans to be hood-winked by the deception and greed of the financial industry. If you want a recent example of this type of behavior, just consider the Wells Fargo scandal. Also consider how the administration is trying to repeal the Fiduciary Rule of Dodd-Frank which prevents financial advisors from offering products to their clients that don't benefit their clients, but instead benefit the financial advisor. Also add in the 6+ Goldman Sachs members who are now or will be installed in the WH, and we're on the precipice of another financial system meltdown. No one wants that.
The Consumer Financial Protection Bureau has supported the public against fraudulent business practices and we need them more than ever today. The Consumer Financial Protection Bureau (CFPB) has returned roughly $11.8 billion to 29 million consumers since its inception in 2011. Most recently, the CFPB fined Wells Fargo $100 million for its illegal practice of opening unauthorized accounts.
The CFPB was created following one of the worst Financial Crisis in this country. Big Banks duped their customers out of Millions of dollars, thus greatly reducing or completely eliminating their life savings (i.e retirement accounts). During this crisis millions of people lost their homes due to predatory lending practices. The Republican Senators are not working for the American people on this Bill. They are working for the Big Banks interests. We must stop them, or run the risk of another Financial Crisis.
There you are, Teddy. Showing your true colors. Why would we vote to repeal this? Why would your constituents vote to repeal this? Don't repeal this. It's a bad idea to repeal this because it's going to cut away a net that was put in place to keep our economy from falling into crisis again. The housing market is starting to bubble again and credit card debt and student loan debt is starting to climb again. None of the debt went down like it did in years before. Another bubble is going to burst.
Oversight is needed in this sector. Wells Fargo for example, still hasn't learned it's lesson from the mortgage sub-prime account scheme. They then used the same practices to open accounts in the banking sector. Unacceptable.
This is a serious attack on the rights of consumers to legal remedies for being ripped off by large corporations. A true free market places parties on an equal fooring before the law. Sellers are accountable and buyers can have confidence.