In 2005 Harvard Professor Elizabeth Warren visualized an organization like the “Consumer Financial Protection Bureau” (CFPB) to protect consumers from wrongful acts by financial institutions. At that time, a consumer complaint had to maneuver through seven different  agencies.

In 2010, after the financial collapse, and with the help of Sen. Warren, the “Dodd-Frank Wall Street Reform Act” established the CFPB as an independent agency to oversee consumer complaints about banks, credit unions, credit cards, payday lenders, debt collectors, etc.

In 2011, Richard Cordray was selected to head the agency. The Dodd-Frank Act stipulates that when the head resigns, he will select his replacement until the Senate approves the new head. During Cordray’s tenure, 730,000 consumer complaints were investigated, and $12 billion was returned to consumers. Of particular note, “Wells-Fargo” was assessed a $185 million fine for authorizing false credit cards.

Cordray has resigned and appointed his assistant, Leandra English, as acting director.

President Trump has tentatively chosen Mick Mulvaney to head the agency. Mulvaney said, “The agency is a sick, sad joke.” He is a member of the far-right “Freedom Caucus,” and will do all he can to destroy the CFPB. The Senate should reject Mulvaney!

Richard Metayer

Mystic