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The Consumer Financial Protection Bureau Under Attack

With Bob Oakes in for Tom Ashbrook.

The Consumer Financial Protection Bureau under attack.  We’re looking at who’s attacking what, and why.

From right to left, Sen. Jack Reed, D-R.I., Sen. Elizabeth Warren, D-Mass., and Sen. Sherrod Brown, D-Ohio, finish a news conference at the Capitol in Washington, Thursday, Feb. 14, 2013. The senators urged Republicans to lift their opposition to President Barack Obama's choice to lead the federal Consumer Financial Protection Bureau, Richard Cordray, who was a recess appointment. (AP)

From right to left, Sen. Jack Reed, D-R.I., Sen. Elizabeth Warren, D-Mass., and Sen. Sherrod Brown, D-Ohio, finish a news conference at the Capitol in Washington, Thursday, Feb. 14, 2013. The senators urged Republicans to lift their opposition to President Barack Obama’s choice to lead the federal Consumer Financial Protection Bureau, Richard Cordray, who was a recess appointment. (AP)

The mortgage meltdown had few happy endings. But to many there seemed to be one silver lining. A new agency created to look out for us. To make sure next time we wouldn’t be thrown under the bus.

But from the start, the Consumer Financial Protection Bureau had fierce pushback. Especially from banks worried about heavy handed regulations.

Now the attacks, and counterattacks, are heating up. In the Senate. In court. From consumer advocates. From defenders of free markets. And each side is digging in.

This hour, On Point: the heated battle over the future of the Consumer Finance Protection Bureau.

– Bob Oakes

Guests

Danielle Douglas, financial reporter for the Washington Post. (@danidougpost)

Ed Mierzwinski, federal consumer program director for U.S. PIRG, a consumer advocacy group. (@edmpirg)

Diane Katz, research fellow in regulatory policy at The Heritage Foundation.

From Tom’s Reading List

The Hill “The standoff over the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB) reached new heights Thursday, after nearly every Senate Democrat rejected outright GOP demands for changes to the new agency.”

Bloomberg News “Elizabeth Warren called on her Senate colleagues to end their effort to block a vote on President Barack Obama’s nomination of Richard Cordray to head the U.S. Consumer Financial Protection Bureau.”

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