I think a lot of us know the CFPB is ‘good’, ‘on our side’, Elizabeth Warren’s creation with Obama’s support, so we’re for it.
But if we can’t answer the actual good it’s done, what are the odds that independent and Republican voters can, so they can oppose Republican politicians claims it’s a useless and wasteful expense?
It’s reported that over five years:
- The CFPB has returned $11.7 billion to consumers who were wronged.
That’s money right out of the profits of financial companies doing wrong, into the pockets of the American people. Money not spent on lobbyists and Republican candidates.
- $16 billion saved for consumers by credit card reform.
- Over a million consumer complaints processed.
That’s a hell of a good record — for the agency, for how government is supposed to work protecting the citizens from powerful abusers, for Democrats. How many Americans know the record?
Not enough. Let’s celebrate and promote it.
