The central mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. The CFPB’s goal is to ensure
- consumers get the information they need to make the financial decisions they believe are best for themselves and their families,
- that prices are clear up front, that risks are visible, and
- that nothing is buried in fine print.
In a market that works, consumers should be able to make direct comparisons among products and no provider should be able to build, or feel pressure to build, a business model around unfair, deceptive, or abusive practices.
It begs the question: “Why are GOP Senators against ensuring that consumers across America aren’t afforded adequate protection from financial abuses we’ve clearly seen across the financial sector?” Could it be that they’re beholden to the financial barons within that sector that stuffed their campaign contribution envelopes? Nevada’s Senator Heller was one of those Senators who apparently believes consumers don’t need effective financial protection. Read the letter here; check his signature.