Why Do Republicans Hate the Consumer Financial Protection Bureau?
Because it’s WORKING. The Consumer Financial Protection Bureau (CFPB) is working exactly as planned. And this is why Wall Street gangsters and their prostitutes in Congress have done everything possible to obstruct, derail and sabotage the CFPB.
The CFPB has been collecting people’s complaints about their banks since last year. After a bank has responded to a complaint, or after fifteen days — whichever comes first — the complaint is posted in a Consumer Complaint Database.
Between March 2012 and July 2013, the CFPB has posted 19,000 complaints. 95% of these complaints have been resolved, for better or worse. 28% of the complaints resulted in some degree of financial compensation by the bank. Five percent resulted in non-monetary compensation — correcting an error, adjusting the terms of an account, etc. And about twenty percent of the resolved complaints are still being disputed by the consumer.
It’s a start.
Complaints to the CFPB run the gamut of financial services and problems: credit cards, mortgages, auto loans, student loans, credit reports, debt collectors, etc. Scott Pluta, the CFPB’s assistant director of consumer response, said:
“Every complaint we receive is important because it helps us identify and prioritize problems. We know that if we begin to see a disturbing trend among the complaints we handle, we should consider allocating some of our limited resources to combat that particular problem. The database may not be popular with the financial services industry, but it’s making a real difference in people’s lives and in the marketplace.”
No wonder Republicans hate it.