Washington, DC- Oregon’s Senator Jeff Merkley released the following statement on the official opening of the Consumer Financial Protection Bureau (CFPB).
“A cop is finally on the beat. For too long, regulators in Washington looked the other way when financial institutions took advantage of their customers in a bid to drive up profits. The CFPB fills in that enormous gap with its single mission of protecting consumers and small businesses from the deceptive practices that were a key cause of the financial crisis.
“Requiring accountability from credit card companies on rates and billing makes sense. Giving consumers and small businesses the information they need to avoid risky loans or scams also makes sense. For the same reason we have a watchdog that keeps companies from selling exploding toasters to unsuspecting consumers, we have long needed the CFPB to protect the integrity of financial products.
“We learned, painfully, how disastrous it can be to turn a blind eye towards the excesses and abuses of the financial marketplace. Our families and our economy will be better off now that the CFPB is open for business.”