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Rep. Heck’s imapssioned plea on Capitol’s House floor

Rep. Denny Heck
Photo credit: Greg Nash

– “Rep. Denny Heck (D-WA) Defends the Consumer Financial Protection Bureau (CFPB)”
“Another month, another attack on the Consumer Financial Protection Bureau on the U.S. House floor. Opponents of the CFPB know it’d be unpopular to try to dismantle it, so instead they’re doing everything they can to slow it down. They’ve spent months proposing bills that add burdensome red tape and paperwork to the Bureau’s work.

The CFPB has already helped hundreds of Washington state servicemembers, families and small businesses who have been wrongly denied financial protections. They should be applauded, not attacked,” quoting YouTube.
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– “Consumer Financial Protection Bureau isnt out of the woods yet”
“The bureau’s defenders rebutted most of their attacks — the credit card data being collected can’t be traced back to individual consumers, for example — but occasionally just threw up their hands in exasperation.

‘We could’ve saved a lot of trees and a lot of time if we had a bill that said ‘end the Consumer Protection Bureau,’ said Rep. Denny Heck (D-Wash.), one of the few Democrats who lined up to oppose it.'”We all know what the fate of it is going to be. And what is the opportunity cost of making that point? At least one opportunity cost is being able to work on actual regulatory relief.’

So the CFPB is probably safe — at least until the midterm elections. But the continued onslaught is evidence that it hasn’t made as many friends as it might’ve hoped, even after delivering $3 billion to consumers in settlements over fraudulent practices by financial institutions, and helping thousands who called in to complain about mortgages, student loans, auto loans, payday lenders, and debt collectors,” by Lydia DePillis in the Washington Post.
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Posted by Steve on March 10, 2014 at 5:52 am | Permalink

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