Financial Reform

Kudos to President Obama for standing up for consumers this week by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau. The President’s action means that the CFPB now has all its powers to protect the public from unfair financial practices, whether by banks or other financial firms, such as payday lenders and credit bureaus.

A VICTORY FOR CONSUMERS OVER WALL STREET

Even after the financial crisis, lobbyists for the big banks and credit card companies furiously opposed proconsumer provisions in the Wall Street reform law. Over their objections, WISPIRG helped convince Congress to create a Consumer Financial Protection Bureau.

Milwaukee Journal Sentinel: Moore's amendment on credit insurance regulation draws fire

Rep. Gwen Moore, who says her own experience with predatory lending drew her to politics, is raising the ire of consumer advocates for trying to stop a proposed consumer protection agency from regulating credit insurance.

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