Tag: consumer financial protection bureau

Links 12/22/16

Consumer Financial Protection Bureau:

The CFPB has recently become “one of Washington’s most powerful and pugnacious regulators,” as The New York Times reported last month:

The bureau has overhauled mortgage lending rules, reined in abusive debt collectors, prosecuted hundreds of companies and extracted nearly $12 billion from businesses in the form of canceled debts and consumer refunds. In September, it exposed the extent of Wells Fargo’s creation of two million fraudulent customer accounts, igniting a scandal that provoked widespread outrage and toppled the company’s chief executive.

Minimum Wage:

Childhood Poverty:


The wealthy didn’t always take such a big share of the proverbial “pie.” In the 1970s, a decade generally seen as fairly prosperous, the top 1% of Americans earned just over 10% of all U.S. income (i.e. the “pie”).
Over time, the rich became more lucky — or more greedy. Today the top 1% take home more than 20% of all U.S. income.
As the wealthy earned more, someone else in America had to get less. The bottom 50% went from capturing over 20% of national income for much of the 1970s to earning barely 12% today.
The turning point started around 1980, as seen in the graph below. By the mid-1990s, the fortunes of the top 1% were clearly on the rise and those of the bottom half were declining rapidly.

It’s time for the bottom 50% to take back their fair share.

White Collar Crime:






White-Collar Crime Can’t Be Allowed to Pay Anymore: Why We Need the Consumer Financial Protection Bureau

Since the election, the future of the Consumer Financial Protection Bureau has become uncertain.

However, if the Republicans really want to make inroads with the middle class, they shouldn’t touch it. Trump has given his party access to groups of voters they were never able to reach before. Republicans shouldn’t jeopardize this progress.

American voters haven’t forgotten the role banks played in the Financial Crisis. Many of them blame the banks for it.

The CFPB has done tremendous work helping victims of financial institutions. But the fight is far from over.

The CFPB fined Wells Fargo $100 million for creating fake credit card applications, creating over a million fake bank accounts, and fraudulently charging its clients. They shed light on its corrupt activities.

Now, Wells Fargo is trying to cheat its victims out of their day in court by forcing their claims into arbitration. The CFPB is needed more than ever. The bureau needs our full support in prohibiting banks like Wells Fargo, credit card issuers, and other companies from forcing their clients to forfeit their right to class action lawsuits and requiring that they submit their claims to arbitration instead.

These people deserve their right to be heard.