The Consumer Financial Protection Bureau (CFPB) may be doomed even before it officially opens for business. Richard Shelby, the ranking Republican on the Banking Committee, and other Republican Senators say they will block confirmation of former Ohio Attorney General Richard Cordray as head of the new bureau. Meanwhile, the GOP is also trying to weaken the watchdog group's authority, fearing the CFPB will be detrimental to banks and credit card companies. (See: "Indefensible": Credit.com's Levin Blasts GOP Opposition to Warren, Cordray & CFPB)
As the name implies — the bureau is designed to protect consumers from predatory financial practices, especially in credit card and mortgage business, and increase transparency between lenders and borrowers.
Adam Levin co-founder and chairman of Credit.com says that's no reason for Washington to oppose the CFPB's mission. "Standing up for the American consumer doesn't mean anti-business," he tells Aaron Task in the accompanying clip.
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