Bernie Sanders : "Large Corporations Should Stop Lecturing Congress"

[snowy owl]

2. CFPB puts bankers in their places but not soon enough for me.Scalia-roll over in grave.

http://www.huffingtonpost.com/paul-bland/the-cfpb-just-took-a-huge_b_9847266.html?utm_hp_ref=politics

How did arbitration get to be so unfair? In the past, many state laws were clear that if an arbitration clause that banned class actions would undermine a consumer protection law, then a court should strike it down. But in a pair of 5-4 decisions, Justice Scalia wrote opinions that swept all that law away. As a result, corporations could write fine print contracts that would override actual laws. These decisions - one in 2011 and one in 2013 - were unmitigated disasters for consumers and they transformed the Federal Arbitration Act - in place since 1925 - into a Federal Predatory Lender Immunity Act.

But today, things are changing. The CFPB is living up to its name — the Bureau really is protecting consumers. CFPB Director Rich Cordray is probably the most effective agency head in the federal government. He is not afraid to stand up to huge and politically powerful corporations on behalf of the American people. He’s worked hard to ensure the agency lives up to the vision that Elizabeth Warren had when she was advocating for its creation. It’s no wonder why politicians who get huge campaign contributions from large banks hate the agency so much. Many House Republicans attack the CFPB almost as often as they try to repeal the Affordable Care Act.