Here. Excerpt:
Republicans don’t like the Consumer Financial Protection Bureau. They opposed the very idea of the watchdog when Elizabeth Warren first proposed its creation, and they have been trying to defang and defund it ever since Congress made her vision into a reality.
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But CFPB is still facing heat from Republicans ― ironically, this time, for not regulating Wells Fargo hard enough.
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“Why did it take an LA Times reporter to uncover what should have been uncovered by Wells Fargo’s regulators? If there were ever a textbook case where consumers needed protection, this was it,” [Senate Banking Committee Chair and] senator [Richard Shelby] added. “How many millions of unauthorized accounts does it take before the CFPB notices?”
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[CFPB Director Richard] Cordray said Tuesday, however, that the CFPB knew about the abuses before the Los Angeles Times, first learning about them from whistleblowers in mid-2013.
