Support the Consumer Financial Protection Bureau

Remember the Great Recession???

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.

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!

Warm regards,

Katherine McFate
President and CEO
Center for Effective Government

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