Consumer Financial Protection Bureau is doing its job

November 09, 2013

Contrary to the claims in a Nov. 6 guest column, "Consumer protection bureau fails to protect," by Jeffrey H. Joseph, the CFPB is getting results for consumers and doing so in a transparent way. It's the first federal financial agency with just one job: protecting consumers, especially students, military families and senior citizens. A series of Maryland PIRG reports analyzing its public consumer complaint database shows that the bureau is "making markets work," just as Sen. Elizabeth Warren and other backers intended.

In its rollout of new rules to clean up after the Wall Street-induced 2008 economic collapse and to prevent another mortgage crisis, the CFPB has listened to industry stakeholders as well as consumer groups; indeed, many banking officials admit it is the easiest federal regulator to work with. By setting fair rules of the road and policing bad behavior, the CFPB is aligning the interests of good companies with those of their customers and leaving wrongdoers to either change their practices or pay penalties.

Emily Scarr, Baltimore

The writer is director of the Maryland Public Interest Research Group.

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