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.
Labels: CFPB, Consumer Complaint Database, Consumer Financial Protection Bureau
posted by Tom Harper @ 6:06 PM
9 Comments:
Republicans hate everything. Hate is their driving force, not issues. We are totally being raped by any number of industrial complexes and all they can do is hate whatever helps the rapists.
I'm so amazed when people can't see which party stands for the people and which party stands for the rich.
Mr. C: To expand on your rape analogy -- Republicans have also persuaded millions of rape victims to worship the rapist (Stockholm Syndrome?) while simultaneously hating anyone who tries to help them. Anyone who tries to help is just an outside agitator who hates Freedom.
Jim: Yup, it sure is amazing.
Hey Crooks hate Cops, Republicans hate Law Enforcement
Erik
Erik: Republicans love law enforcers when they're cracking down on petty "crimes." They only hate them when they're going after corporate criminals.
It is quite nice to see that the blog author has complete control, as all Constitutional Rights' supporters should, over any comments that may be posted below this crackpot piece of literary garbage praising the CFPB. Clearly, neither the blog author, nor any individual commenting above, holds any job in any industry regulated by the under-handed, yet thinly-veiled CFPB. If any one did, they would know precisely what type of financial disaster this unsupervised agency sets in motion and what remains in store for vulnerable, lesser-educated consumers, if the CFPB is left in place, in its current form.
Not only is the biased-agenda-driven, inexperienced, overzealous, far-too-powerful, regulatory agency headed by an illegally-appointed director (one Richard Cordray), his prior 2nd-in-command (the one & only Raj Date) helped him craft outrageously complicated & discriminatory regulations to create a niche lending market to peddle highly questionable, high-risk financial products, just ahead of his prompt exit from the regulatory behemoth known as the CFPB...
http://www.bloomberg.com/news/2013-07-19/ex-cfpb-leader-raj-date-rejoins-board-of-peer-to-peer-lender.html
http://www.slate.com/blogs/moneybox/2013/07/18/raj_date_fenway_mortgage_former_cfpb_guy_getting_into_unorthodox_lending.html
Most liberals I have encountered love to comfort each other in their shallowness and inability to hold rational debates & discussions. Acceptable compromises require participation and concessions from both sides of a negotiating table, not just one. We've seen failures in the willingness and/or ability to compromise from both political parties in Washington, but our nation's fiscal woes can clearly be traced to irresponsible demands from liberals, much more so than from conservatives. I will happily provide evidence to support this this blanket statement or else eat the paper I print it upon, once provided with the names of 20 or more Democratic legislators who have sponsored or co-sponsored any legislation in the last 5 years which set forth a long-term, federal budget that required spending be balanced with receipts. (Minuscule, proposed cuts to already-bloated spending does not equal or make for a balanced budget, FYI.)
Please restore what little faith I do have in my liberal friends to do the right thing, when confronted with inarguable truths, and condemn Raj Date for his morally-bankrupt, inexcusable, untrustworthy actions. Study ALL of the connections and pasts of everyone associated with Dodd-Frank and the CFPB. It isn't difficult to see the pattern of corruption, inexperience and irresponsibility, or the agenda and mindset held by those who are laying out regulations over whole industries in which they hold no experience or knowledge.
Next, ask yourselves why you so readily gobbled up the Dodd-Frank Act and its CFPB, when you knew so very little about either. As I know that this comment will never be posted, I hope that the blog author enjoys whatever satisfaction is realized in its deletion, ignoring all reality and the harm being done to your fellow man.
I propose that the title of this blog is wildly inaccurate. Conservative, real Republicans don't hate the CFPB; they hate the duplicity of the agency, the close-mindedness of those who blindly support it, the law that created the agency and the unacceptable number of documented instances of unintended consequences that have been generated as a result of the passage of the ill-conceived Dodd-Frank Act. As for the RINOs struggling to hold onto their comfortable establishment in DC politics, their days in public "service" are coming to an end with the midterm elections in 2014.
http://www.amazon.com/The-New-Financial-Deal-Understanding/dp/0470942754
http://thehill.com/blogs/congress-blog/economy-a-budget/217293-dodd-franks-unintended-consequences
You must have not noticed the clearly spelled out text right above your longwinded comment: I use comment moderation to keep out spam; not to keep out rightwing comments. They're too entertaining. Why would I want to delete them?
Wall Street lobbyists told you exactly what to say, and you recited your talking points very obediently. Job well done.
Actually, it is the concerned consumers that I work with on a daily basis who provide the foundation for my observations, primarily those who cannot qualify for credit, and those who cannot afford it, due to regulatory restrictions that have been put in place by the CFPB and the Federal Reserve. I have & desire no contact with anyone on Wall Street.
I'm not surprised that you chose to categorize my response as long-winded, rather than to follow a single link provided or respond to any of the facts pointed out about the corruption of those placed in charge of the CFPB. Thank you for proving my point about liberals.
So what's your solution? Dismantle the entire CFPB, or try to correct the problems? Wall Street, via their prostitutes in Congress, fought tooth and nail against the creation of the CFPB. Their reason for being blindly opposed to these regulations had absolutely nothing to do with any heartfelt concern about everyday people who can't afford credit.
If this agency is corrupt or imperfect -- and what large agency isn't? -- then those problems need to be corrected. But Wall Street's standard M.O. has been to put up a smokescreen, showing images of hardworking average Americans; and behind the smokescreen they're pulling every string they can to fatten up bank executives and screw everybody else.
Post a Comment
<< Home