Equifax Data Breach

New York Consumer Law Blog

Wednesday, January 11, 2017

Americans can't afford to lose Richard Cordray or the CFPB

In its five years as an agency, the CFPB has recovered more than $11 billion for 27 million consumers harmed by illegal practices of financial institutions. The bureau has secured relief in more than 100 cases, directly putting money back in the pockets of American consumers who have been victimized by companies that refuse to follow the law.

In just the last three months, the CFPB has stopped Wells Fargo from opening fraudulent accounts without customers’ knowledge, halted three companies from taking advantage of seniors through reverse mortgages sales, and shut down a scam ripping off lead poisoning victims who were being tricked into signing away their legal settlements.

For the first time in history, American consumers have a vigilant watchdog, yet the CFPB’s opponents—Wall Street banks and financial predators—and their allies in Congress have worked nonstop over the past five years to undercut it.

 

http://thehill.com/blogs/pundits-blog/finance/313169-americans-cant-afford-to-lose-richard-cordray-or-the-cfpb


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