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The Obama Legacy: Protecting Consumers From Big Banks, Payday Lenders, and Debt Collectors


The Obama Legacy: Protecting Consumers From Big Banks, Payday Lenders, and Debt Collectors

Elizabeth Warren

President Obama’s work on behalf of consumers is a central part of his legacy. When he took office eight years ago, our country was in the midst of the worst financial crisis in generations—a crisis Wall Street built by cheating consumers. Working with Democrats in Congress, President Obama took several important steps to make our financial system safer and to stop the kinds of consumer abuses that paved the way for the crisis. None of those changes was bigger than the establishment of the Consumer Financial Protection Bureau (CFPB).


"Obama's legacy"? Sorry Liz, even given the Consumer Financial Protection Bureau (CFPB), Obama's protections for consumers, the poor and middle class, workers, the environment and animal protection, habitat protection, wilderness protection and other failures/collusion, pale in comparison to his gifting big-money, the pharmaceutical and insurance industries, failure to prosecute financial predators and banker parasites and much else!

Too little, too late! You should have had the courage and integrity to support Bernie Sanders when it might have made a difference - now your CFPB will soon be destroyed by the trump regime of billionaires!
Such is the difference between trumps brand of aggressive action to destroy, and Obama's timidity and appeasement in the name of "compromise" or seeking bipartisan agreement..................

Even now the same cast of betrayers that pushed HRC as candidate with the obvious consequences, seek to downplay the betrayals, manipulations and self-serving politics - the Dem Party must be reformed drastically, not give-in to revisionist BS and diversionary tactics to evade responsibility for trumps "win"......................


The 21st century definition of Democrats claiming bipartisan compromise is capitulation.

Until US Postal banking was abolished (nearly a half century ago) there was no need for payday lenders, hence none existed. Why didn't Obama restore Postal banking during his first two years when Democrats controlled both houses of Congress ?

With the five too-big-too-fail banks that controlled 25% of US bank assets (when they crashed the economy) in 2008 now controlling 50% the demand for payday lenders will continue to increase irrespective of the existence of the CFPB or any other gubmit action or inaction.


Riiiiiight. Timothy Geithner, chosen as secretary of the Treasury, and Lawrence Summers, the top White House economic adviser as head of the National Economic Council. How about that legacy, Ms. not supporting Bernie Sanders Warren? Then there's Mary Jo White, Chair of the SEC. Didn't you denounce her for the non-prosecution of Wall Street criminals, Ms. Warren?

"The Commission also instituted a new approach to enforcement that has resulted in greater accountability and record actions through, among other things, the use of admissions of wrongdoing and enhanced data analytics and technology." (Business Insider.com) How about an approach to enforcement that includes arrests, indictments and trials? Naah, none of this on Obama's watch. Better to hound the likes of Snowden, Assange, Manning and all the other whistleblowers over the last eight years.


"Accountability" !!??


...and continuing and expanding wars, drug wars and mass incarceration to please conservative pussies.


The only certainty from the past 8 years is that HOPE plus three bucks buys a cup of coffee and CHANGE is what you put in the barista's tip jar so the next cup will taste as good as the last one.


Frank Capra saw into the future with his 1941 film "Meet John Doe" and illustrated what you say, as, how the People, once we start working together, can overcome even Powerful Fascists.


Well, that's sad. Not a word about the so-called bailout, not a word about appointing Goldman-Sachs officials--let alone all the wars and surveillance and these things, but the economic game is something Dr. Warren does know about. There isn't much left that could be sold out.


First "progressives " liked Obama when he delivered something while compromising with insanely stubborn Republican Party progressives though it was not good enough. The cycle continues, than it was Bernie , even Sein and now Warren is not good enough ?

Who is good enough ?


Puleeeze. I want to believe in you, Sen. Warren, for 2020.

But first, you treat Bernie, the real deal, like snake oil, and now you're praising Obama's legacy? I don't know about you, but most of the "consumers" (citizens is a better word) I know feel used and abused by his administration.

Appreciate the work you do, but if you keep presenting as an establishment Dem,, I cannot, in good faith, vote for you or even continue to defend and believe that you have our best interests at heart.


Actual Progressives saw where Obama's Campaign Funding was coming from, in the lead up to the 2008 Election.

Kucinich was the True Candidate, at that time, to represent Change.

As soon as Obama started appointing his Staff and Cabinet, it became apparent who he would Serve, and it wasn't us.

This is News to you?


A whole $12 billion!!!! Wow!!!!!

Elizabeth, is there any wonder why astute observers on the left take your "activism" with a gargantuan grain of salt?


Speak for yourself, please. Sen. Warren was addressing a specific set of concerns in this article, and they are "consumer" concerns, not those of citizenship. And some of us have been in specific positions to appreciate how we were, indeed, protected in precisely those ways.