For Richard Cordray, CFPB, the time is now


For Richard Cordray, CFPB, the time is now

Politico – If you look at Wall Street profits, it’s hard to believe that just three years ago, these banks were on the verge of collapse — threatening to take our entire economy down with them. Now, banking industry profits have returned to pre-crisis levels — with more than $35 billion in the third quarter, a nearly 50 percent increase over the past year and the highest level for profits since 2007.

While Wall Street is back to business as usual, Main Street Americans — many of whom lost their homes, their pensions and their jobs because of reckless Wall Street practices — haven’t been so lucky.

For too long, Wall Street bankers have wielded too much influence in Washington, using scores of lobbyists to protect extra tax giveaways to hedge fund managers and to fight efforts to ensure that “too big to fail” megabanks do not threaten to take down our economy. Consumers haven’t had as loud or as powerful a voice representing them. Until now.

Last year’s Wall Street reform law created the Consumer Financial Protection Bureau to help clean up a financial system rigged in favor of Wall Street and against middle-class workers. This is an independent agency, with a single director, designed to help prevent another meltdown by cracking down on financial tricks and traps designed to deceive consumers.

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