If you’d like to know why Republicans are trying to shut down the Consumer Financial Protection Bureau, take a look at three things the agency has already accomplished in its first 18 months:
¶It called a halt to predatory practices by mortgage lenders, ensuring that borrowers are not saddled with loans they can’t afford and preventing brokers from earning higher commissions for higher interest rates.
¶It won an $85 million settlement from American Express, which it accused of deceptive and discriminatory marketing and billing practices.
¶It opened an investigation into questionable marketing practices by banks and credit card companies on college campuses, which often take place after undisclosed financial arrangements are made with universities.-
http://www.nytimes.com/2013/02/11/opinion/quietly-killing-a-consumer-watchdog.html?_r=0
The now Senator Elizabeth Warren and her consumer advocacy struck such fear in the heart of the ideological right to the extent where cowardly Mr Obama withdrew her name. This was a harbinger of the intransigent nature of the GOP when it comes to any meaningful reform that would benefit the middle class.
This continued obstructionism continues to reenforce the oft repeated phrase:
Party before Country.
