Contrary to the opinion of the White House and some members of Congress, keeping the most effective consumer protection agency should be anything but “complicated” (“Consumer agency head in Trump’s crosshairs,” Page A1, Feb. 18).
The Consumer Financial Protection Bureau was created by Congress, after the economic collapse, to serve as a watchdog for consumers and reduce the risk of another collapse. The fact is that people like the CFPB, according to all available public opinion polling, and for good reason.
Since its inception, the agency has already returned nearly $12 billion to more than 29 million consumers who had been victimized by hundreds of bank or lending scams. Recently, for example, the CFPB imposed $100 million in fines and restitution on Wells Fargo when the bank was caught setting up millions of fake consumer accounts to meet sales goals.
Despite public support and a strong track record, Wall Street banks, financial companies, and their friends in Congress want to gut the agency, by eliminating its independence and firing the director, Richard Cordray. Repealing or dramatically altering the independence of the agency that protects average Americans against the excesses of a financial industry run amok would surely strike voters as the ultimate example of a rigged system.