The Consumer Financial Protection Bureau

The CFPB is up and running and has now compiled a list of consumer complaints. There is now a part of the federal government whose purpose is to protect consumers from unscrupulous business practices, which is why Republicans and banks are so much against it. They also put out a report talking about the complaints received. They include a few stories, such as:

Nelda, a 67-year-old data entry clerk from California, received a $2,000 charge on her credit card for purchases she never made. She says she contacted the card issuer to report the mistake and found out the charges were systematically accrued on one day by someone withdrawing $200 at a time. She told the issuer it was fraud. But she says the issuer said she was still on the hook for the money because it was her card. The charges set off a cascade of bad events for Nelda that lasted nearly a year. Eventually, the debt was sold to a collection agency that took Nelda to court. After the CFPB got involved, the card issuer accepted that the charges were fraudulent and agreed that Nelda was not responsible.

Mitt Romney, of course, wants to get rid of Dodd-Frank which created the CFPB (and regulates the financial industry–you know, the guys who crashed the world economy).

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