Last year, banks collected $57.7 Billion in late fees and charges from consumers. The new Consumer Financial Protection Bureau is the consumers' advocate against the Goliaths of the financial industry. Tired of complicated forms and disclosures not in plainspeak? CFPB to the rescue: all documents required for student loans, credit cards, checking accounts, mortgages, and other financial products will be clarified and streamlined so consumers can understand them. The nominee for Director, Elizabeth Warren, goes before the Senate this week. There is a worry that some senators, who have made it clear they don't want to confirm a Director because their interests are more with the banks than with us, plan to block the Senate from going into recess to prevent President Obama from naming a Director during the recess.
The CFPB is posting all of its activities online for full transparency for the public. Revised mortgage lending forms are available on the website in round two of requesting feedback from the public. In addition to signing this petition requesting help and protection from predatory and unfair banking practices, please visit consumerfinance.gov and sign up to follow the Bureau's activities. The number of supporters will make it clear to Congress that consumers need and want the Bureau's protection.
Elizabeth Warren is a very worthy candidate and the creation of the Bureau is a long overdue step in protecting consumers from predatory and unjust banking practices. The banking industry received $57.7Billion in late and overdraft fees last year. The work of the Bureau --clarifying the language in lending documents for student loans, mortgages, credit cards, etc -- is a long overdue assist for the consumers in this country. The people need simplified and easy to understand forms to assess the true costs of the financial deal they're signing. The mission of the Bureau is at the heart of free enterprise and competition, an American value: be transparent with regard to lending practices and let the best financial institution win the consumer's business.
It's time to say 'enough' to the banks and other financial lenders, and offer the people some protection. Please support the timely confirmation of Elizabeth Warren to head the Consumer Financial Protection Bureau