This is why I think Richard Cordrey has the right stuff.
When he was Atty Gen of Ohio, he won the first and biggest case against predatory credit card companies.
And then this:
When Wells Fargo was opening millions of fraudulent accounts under customer's names without telling them, the Consumer Finance Protection Bureau got their money back.
The Bureau helped 75,000 active duty soldiers deployed overseas with credit problems back at home. They protect students from illegal loan practices on student loans. They have handled 1.2 million customer complaints, and have the largest data base of financial customer complaints.
The Bureau has pushed back against esoteric home loans, and forces lenders to make sure borrowed can actually afford to pay back loans. This will help prevent another mortgage meltdown, and fraudulent foreclosures. And the bureau educates consumers on loans and other debt so they know what they are getting into and what to do when they fall behind.
If you are a bank or credit card company, you have a reason to hate their agency. If you are a consumer of financial services, like credit cards, home loans, student loans, etc, the CFPB is working to protect you from global banks, and their constant fees, tricks, and frauds.
