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.