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Americans Can't Afford to Lose Richard Cordray or the CFPB


Americans Can't Afford to Lose Richard Cordray or the CFPB

Michael Calhoun

At the height of the financial crisis in 2008, an estimated one out of every 54 homeowners lost their homes. Workers and seniors lost lifetimes’ worth of savings or retirement accounts, small businesses went under, and vulnerable consumers fell victim to toxic and manipulative financial products offered by Wall Street and the big banks.

It was the deepest recession our country had faced since the Great Depression, and it was spurred by splintered, ineffective consumer financial protection practices.


It hasn't meant actual $$ to me, but the CFPB has gotten 2 abusive debt collectors off my back and set the Bank of America on its ear on my mortgage. They had bought the mortgage with Countrywide, and no one has ever lost a dime on it. But every month they called during the grace period and demanded that I identify myself. I demanded my right that they stop phoning me, especially since the payment wasn't even officially late. Unfortunately, they sold my mortgage (still at a ridiculous recession interest rate) to a mortgage servicer, but at least those bozos are satisfied to send mail. I am eternally grateful to Elizabeth Warren for designing the CFPB and to Richard Cordray for its achievements, and it's one of Pres. Obama's undeniable achievements.


Of course the Trumpette's will be after this one because it limits them and the greedy bankers.
When this comes up and it will, we need to fight it hard, as we did with the ethics committee.


Americans should take shutting down the CFPB and similar actions as a signal to run very fast away from the predatory material consumer economy and to their local communities and economic networks that promote equity and fairness.


I don't know about you, but I don't have enough savings to pay for a used car, let alone a house in New Jersey. Like so many other wishes, it just isn't possible to start from 2017 without participating in the "consumer economy." Instead, we have to insist that it be made to work for and with us. The real divide in our economy and society is between the wealth of the rentiers, increasingly stashed away out of circulation, and the income of the rest of us, constantly recycled and returned to the working economy.


Sorry you had to go through that. However, it has meant many dineros to many people including mortgage and credit card fraud. I applaud Warren and the bureau. Of course the elites do not want it because they make their money with fraud.


The bureau with Warren has gotten a lot of money back from illegal loans and other schemes , and gave it to the people who were victims.


What does that have to do with anything? The cfpb is designed to help people deal with fraud including card fraud. Communities are not designed to do that so unless one deals with an agency or an expensive lawyer, one is up the creek with no paddle.


Thank you. Any consumer protection needs to be PROTECTED period.