City Attorney Mike Feuer with Senator Elizabeth Warren, the driving force behind the Consumer Financial Protection Bureau
Today's CFPB action is a major victory for every American who's been scammed by a financial institution--but blocked from getting real relief because the amount pilfered from that one consumer, taken alone, just didn't justify the fight. Now everyday consumers can join forces to compel companies to stop unfair practices. That's good for consumers, and it's good for competing businesses that play by the rules.
While already there's talk that Republicans in Congress will move to block the CFPB's action, lawmakers would do so at their peril. Financial institutions may bankroll campaigns. But consumers vote."