From 50 Ways-Rockbridge member Nathan Bowden:
The Consumer Financial Protection Bureau (often called the CFPB) recently made news when it hammered Wells Fargo for the bank’s at least 6-year practice of opening sham accounts without the knowledge or permission of its customers. Just one of many, many actions the CFPB has taken to clean up corporate corruption targeting American families.
There is a House Committee that is also supposed to oversee the banking and financial services industries, but its members, during the 2015-2016 election cycle, received more than $31 million in individual and PAC contributions from the very industries that it regulates.
Now, this industry-funded House Committee, thinks (or has been told to think) that the CFPB does too good of a job protecting American families. And last week, it approved a bill that will stymie the CFPB’s ability to stand up for the rest of us. Included in its provisions: The CFPB would have to get “Congressional approval” before taking actions of the sort that it took against Wells Fargo.
Why do you suppose industry-funded politicians would want veto power over the CFPB’s enforcement actions?
The bill will be up for a vote of the full House soon. Please stay tuned . . .