Here. Excerpt (but the whole piece is worth reading):
Young servicemembers are often easy targets for financial firms marketing loans with ultra-high interest rates. Tens of thousands of servicemembers have benefited from the CFPB’s actions. The agency worked with state attorneys general to secure debt relief for 17,000 servicemembers tricked into taking out high-cost loans for computers, video games and electronics purchased near military bases. It sanctioned U.S. Bank and a partner company, ordering the return of $6.5 million in hidden fees to military borrowers. It ordered Navy Federal Credit Union to pay $28.5 million in penalties and refunds for using a variety of illegal debt-collection tactics. And it is now suing Navient, the nation's largest student loan company, for illegal practices against millions of borrowers, including severely injured veterans.
Corporate interests would prefer a weaker, less independent commission structure — not a strong, single director who can be held accountable. The CFPB’s enemies have also proposed to reduce the consumer agency to second-class status by politicizing its funding and cutting staff salaries below those of other big bank regulators.
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A rigged system is what led to the financial crisis. Giant financial institutions had the ear of financial regulators and ordinary people suffered tremendously. A strong consumer watchdog protects our troops and helps to unrig the system, making it work better for regular Americans. In the real world, the world outside the Washington Beltway, most Americans support having a strong financial regulator on their side.
