In Hearing, Ellison Breaks Down Why Financial Predators Dislike the CFPB

Today in a hearing about the future of the CFPB, DNC Deputy Chair Keith Ellison broke down why financial predators dislike being regulated by a consumer watchdog. Ellison said, “when financial firms rip you off, the CFPB gets your money back.” 
No wonder voters don’t want Trump to get rid of it and 56% of voters want it to be left alone or expanded.  Here’s more of what the CFPB does:
1.       Since Its Creation, The CFPB Has Returned $11.8 Billion To 29 Million Consumers
Since Its Creation, The CFPB Has Provided $11.8 Billion In Relief For 29 million Americans. [Factsheet, Consumer Financial Protection Bureau, December 2016]
2.       Through Its Consumer Complaints Database, The CFPB Makes Sure Consumers’ Voices Are Heard And Addressed By Big Business
The CFPB Created A Public Database That Collects Consumers’ Complaints, Tracks Companies’ Responses And Records Whether Consumers Ended Up Satisfied. [Bloomberg, 2/8/17]
3.       The CFPB Added Additional Protections For Home Loan Borrowers To Make Sure They Weren’t Trapped In Deceptive Loans They Could Not Afford
The CFPB Created New Rules Prohibiting Home Loan Lenders From Offering Deceptive Teaser Rates And Set Limits On Excessive Upfront Fees Or Balloon Payments. [New York Times, 1/10/13]
The CFPB Created New Rules Restricting Home Loans That Loaded A Borrower With Payments Exceeding 43 Percent Of Income. [New York Times, 1/10/13]
4.       The CFPB Brought Predatory Debt Collectors Under Federal Supervision For The First Time
Debt Collection Agencies Came Under Federal Supervision For The First Time After The Creation Of The CFPB, Which Examined Collectors To Make Sure They Properly Identified Themselves And Properly Disclosed The Amount Of Debt Owed. [New York Times, 10/24/12]
5.       The CFPB Is Working To Protect Student Loan Borrowers From Practices That Make It Harder For Them To Get Ahead
CFPB Filed A Lawsuit Against The Country’s Largest Student Loan Servicer, Alleging Navient Created Payment Obstacles For Students By Providing Incorrect Information Or Processing It Incorrectly. [USA Today, 1/18/17]