Consumer Bureau Finds Support on Its First Day
Ben Protess (NYT/Dealbook)
July 21, 2011
The Consumer Financial Protection Bureau formally opened for business on Thursday, much to the consternation of Congressional Republicans. But as conservative lawmakers step up their attacks on the new regulator, aiming to undermine its structure and authority, champions of the bureau are pushing back. Consumer groups released a new opinion poll this week that showed broad public support for the bureau. And on Thursday, advocacy organizations issued a report detailing ten reasons we need the Consumer Financial Protection Bureau now….”Congress shouldn‘t forget that a lack of consumer protection led to the Wall Street-led collapse of the economy and only a consumer cop on the beat can protect consumers from it happening again,” Ed Mierzwinski, the report‘s author and the consumer program director of the U.S. Public Interest Research Groups, said in a statement. “This report is particularly timely because there are serious efforts to undermine the C.F.P.B. on Capitol Hill.” … “Today is an important day for consumers,” Lisa Donner, executive director of Americans for Financial Reform, said in a statement. “The C.F.P.B. will level the playing field for families, making the consumer credit market work for borrowers and lenders alike and making the whole economy safer.” … “Everyday Americans know what‘s good for their pocketbooks, their families, and our economy — that‘s why a large, bipartisan majority is calling for financial reforms to take effect,” Mike Calhoun, president of the Center for Responsible Lending, said in a statement about the poll. “Let‘s hope policymakers hear them loud and clear.” Click here for more.