Late fees down by an average of $6; more people making above-the-minimum payments; far fewer young adults signing up for credit cards in the first place – these are some of the results of a landmark 2009 law, according to a new report issued by the Consumer Financial Protection Bureau.
While many in Washington would rather stand pat or turn back the clock, Americans are strikingly united in wanting more financial reform, not less, according to a national survey of likely voters conducted this summer.
With the confirmation battle ended, the Columbus Dispatch paused to reflect on the Consumer Financial Protection Bureau’s accomplishments. “It’s off to a really good start,” AFR’s Lisa Donner told the Dispatch’s Jessica Wehrman. “But there’s a whole lot of work left to be done.”
“Under Rich Cordray’s leadership, the Bureau has begun to make a difference for consumers. Now it’s here to stay. It can continue its important work, with its authority and independence intact. That’s terrific news for American families, and for the American economy.”
AFR joined more than 160 public interest groups in urging the Senate to confirm Richard Cordray as Director of the CFPB.
Statement of Privacy and Consumer Groups In Support of CFPB’s Use of Data
AFR joined more than a dozen public interest groups in applauding the recent activities of the CFPB aimed at ending discriminatory lending practices in the auto finance market that harm minority car buyers.
AFR submitted a comment letter to the CFPB supporting their proposed guidance clarifying the relationship of their servicing rules to stronger state laws. The letter also makes suggestions for improvement.
AFR joined public interest groups in weighing in on the CFPB’s proposal defining larger market participants for student loan servicing.
AFR sent a letter to the CFPB commending their excellent work, and listing a set of issues that we feel should become priorities for the bureau in the future.