We support reforms to the financial marketplace to curb bad practices by banks and lenders.
As the new Consumer Financial Protection Bureau (CFPB) officially opens its doors for the first time today we released a new poll which found that the new financial watchdog enjoys broad support from nearly three-quarters (74%) of consumers.
Americans clearly feel that the CFPB is needed to keep big banks and lenders in check, as our poll found that a majority of consumers support the CFPB and its mission to be a ‘cop on the beat’ that protects consumers from deceptive and dangerous practices.
Respondents believed that the CFPB’s top priorities should be holding financial companies accountable if they break the law (88%); strengthening and enforcing rules against deceptive and unfair practices by banks, credit card companies, and other lenders (86%); and, requiring that mortgage and other documents for financial products be easier for consumers to understand (85%).
The CFPB was created by the Wall Street reform law passed by Congress last year and will work to make sure financial companies provide consumers with the information they need to understand the true costs and risks of different financial products. It has been charged with identifying and stopping unfair, deceptive, and abusive financial practices and keeping the rules governing financial service products up-to-date.
Of course Wall Street doesn’t want to be watched what they do!!! Many, many politicians are pretty much “employees” of these banks and huge corporations; they want to block CFPB. I wish I had an advocate at my work looking out for me and earning millions of dollars without any kind of rules.
And it, like the SEC, OCC, and the rest will at best do absolutely nothing except create paperowrk that will break small business like Sarbanes-Oxley, and at worst be another bureaucracy the big banks will capture. If every time you take a weapon to use against a bully, that bully takes the weapon from you and beats you up, why do you keep doing so? Insanity is doing the same thing and expecting different results. But maybe this bureaucracy will be different, and maybe next year I will run my car on water. I don’t want another regulator, I want standing in court to sue the bankstards directly.
But the american people, or at least 74% of them are a herd of dumb sheep that believe what the politicians tell them.