If the Senate doesn't approve Cordray's nomination, you'll know why: too many senators are beholden to banks that want a free hand to exploit their customers.
Americans for Financial Reform provides a list of 10 reasons the Senate should approve Cordray's nomination and let the CFPB do its job.
Since the CFPB was created in July 2011, it has:
- Returned $457 million to nearly 6 million credit card holders cheated by Capital One, Discover and American Express.
- Wrote new regulations that prohibit banks and mortgage companies from disguising costs and making loans that borrowers can't afford.
- Recovered money for people who've been ripped off on their student loans.
- Cracked down on illegal foreclosures of military families.
- Force disclosure of the fees for sending money overseas.
- Shut down fraudulent companies that collect up-front fees for help they don’t deliver to desperate borrowers.
- Investigated banks for conning customers to opt into expensive overdraft protection programs, including JPMorgan Chase, Wells Fargo, PNC, Bank of America, and five other banks.(Still ongoing.)
- Investigated allegations of harassment and deception by the 175 largest debt-collection firms. (Still ongoing.)
- Set up a complaint system in which more than half of people complaining about credit card companies got a financial settlement.
- Established a database where consumers can find out what credit card companies people are complaining about.