H.R. 3193— will neuter the CFPB, seriously undermining the bureau’s ability to protect consumers

[Bill USA]

[font size="3"] from Consumer Reports.org

Do not weaken CFPB consumer watchdog [/font]

http://www.consumerreports.org/cro/2014/02/do-not-weaken-cfpb-consumer-watchdog/index.htm

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Since opening its doors in 2011, the CFPB has gone after companies that cheated their customers, leading to a reported $3 billion in relief for 10 million affected consumers. The bureau has also raised the standards for mortgages, established federal oversight of payday lenders and debt collectors, and handled hundreds of thousands of consumer complaints.

Yet there are still some who fear this watchdog. Last year, powerful financial interests in Washington tried to stop Congress from approving a CFPB director. We joined with other groups to push back and end the stalemate, and we won. But now a new battle is brewing.

A bill in the U.S. House of Representatives—H.R. 3193—would neuter the CFPB, seriously undermining the bureau’s ability to help consumers in a host of ways.

The bill would:

• Weaken the CFPB’s independence by making it easier for other regulators to overturn its rules.

• Attempt to restructure the bureau, which would delay rule makings and enforcement actions already in progress.

• Change the rules for funding the CFPB, which would open the door for industry groups to lobby to deny funds for the bureau whenever it took an action that lobbyists oppose.
(please go to link to read the rest of this article)

Wall Street Banksters have paid the GOP to mug the CFPB. If they succeed, another Deregulation Disaster is assured, followed by another Republican Dystopia of a long slog out of the inevitable Trickle Down Depression. Please email, call your representatives to tell them to stop it.... and President Obama to tell him he must veto this GOP Trick for Wall Street 0.1%ers if it should reach his desk.

[leftyohiolib]

1. and it will die in the senate