PLEASE CONTRIBUTE TO ELECT A PROGRESSIVE IN NEVADA’S 3RD CONGRESSIONAL DISTRICT
Saturday was my 40th birthday. Sitting with friends and family, we tuned into MSNBC to check out the latest in the presidential campaign. When suddenly, in a television commercial ad, the following commentary blared across the TV screen.
“Democrats and Republicans agree that the Consumer Protection Financial Bureau needs to be scaled back, that it has gone too far, and that it no longer serves the interest of the public. Tell your congressional representative to vote limit CFPB. Paid for by a Shadowy Interest Group SuperPAC.”
Many of us know, but some may need a reminder. The Consumer Financial Protection Bureau was formed on July 21, 2011 to enforce the provisions of the Dodd-Frank Wall Street Reform and the Consumer Protection Act.
Specifically, the Consumer Financial Protection Bureau combats predatory lending practices with a focus on mortgages, credit cards, student loans, and payday loans. Unfortunately, they’ve done a good job and the special interests aren’t happy about it.
So, I ask for a late birthday present, I ask you to donate to my campaign. I’ll Fight for CFPB. CFPB was responsible for the take down of scam colleges like Corinthian Colleges, Everest University, and more that left students with hundreds of thousands in student debt for a degree taught by non-certified professors with credits that were non-transferable for jobs that do not exist.
CFPB was responsible for curbing predatory lending practices in the mortgage industry and guarding against repackaging of loans to be sold on Wall Street. They have singularly been responsible for preventing another market crash which we in Nevada know all to well about.
CFPB puts limits on the interest rates that your credit card company can charge you and require that these companies provide people the exact terms of their credit cards. Prior to CFPB, a consumer’s interest rate could be 8% one week and 30% the next week with no notice.
And now, it is the payday loan industry that is trying to gut the CFPB to make a comeback to their heydays of fleecing working people with 600 and 700 percent annual interest rates on loans that are often rolled over for years and often require the consumer to get second and third payday loans to keep up with.
The loan sharks are back, they want to gut CFPB, and we need a Congress that will stop them.
I can tell you right now, this Democrat does not agree that we need to curb CFPB. No. I stand with the working men and women of my district and my country. The time for the establishment trickle-down, deregulated economics is over.
PLEASE CONTRIBUTE TO ELECT A PROGRESSIVE IN NEVADA’S 3RD CONGRESSIONAL DISTRICT