In 2010 Congress took a bold and courageous move and passed the Dodd-Frank Wall Street Reform and Consumer Protection Act which created a new consumer cop on the beat, in the Consumer Financial Protection Bureau! Consumers and Consumer Advocates lauded this bold and necessary move. Finally, there would be a cop on the beat whose sole interest and mandate came from the consumer.
Unfortunately, it didn’t take too long for Wall Street to recover and launch a counter insurgency against the new agency before it even started. As usual, rather than doing it themselves, they sent their favorite minions, Congress! Over the last year since the passage of Dodd-Frank, House Republicans have introduced measure after measure that would effectively handicap and weaken the CFPB if it passes and most recently Republican leaders in the Senate have made good on their pledge to block Richard Cordray’s nomination to direct the CFPB, leaving the Bureau without the full authority it needs to do its job. Months after its launch and the presidential nomination, the CFPB still does not have a director.
This week there was a National Day of Action to draw attention to the fact the Consumer Financial Protection Bureau has no director. The only thing standing in the way of a director being voted on is Congress. NACA along with other consumer advocates are trying to get the word out and encourage consumers and advocates to call their Senators and let them know that the CFPB must have a director NOW!
Call your senator let them know that this may work well for Wall Street banks, and financial industry special interests, but it doesn’t work for you!