Republicans Are Quietly Killing a Consumer Watchdog
This was my second favorite thing to come out of Obama’s first term. The whole financial industry seems predatory to me. I’m sure it doesn’t seem that way to people who have a lot of money. You know, the people who fund Republican politicians.
If you’d like to know why Republicans are trying to shut down the Consumer Financial Protection Bureau, take a look at three things the agency has already accomplished in its first 18 months:
¶It called a halt to predatory practices by mortgage lenders, ensuring that borrowers are not saddled with loans they can’t afford and preventing brokers from earning higher commissions for higher interest rates.
¶It won an $85 million settlement from American Express, which it accused of deceptive and discriminatory marketing and billing practices.
¶It opened an investigation into questionable marketing practices by banks and credit card companies on college campuses, which often take place after undisclosed financial arrangements are made with universities.
Read the rest here: Quietly Killing a Consumer Watchdog