Op-Ed

Despite Stellar Record, CFPB Remains Under Attack

Published

10 years ago

July 27, 2015

By Charlene Crowell
NNPA Columnist

In everyday life, birthdays and anniversaries of many sorts are observed and celebrated. When it comes to consumer finance, there are two more anniversaries worth celebrating.

Congress enacted the Dodd-Frank Wall Street Reform Act on July 21, 2010 in response to the largest national economic challenge since the Great Depression. A key goal was and remains to protect the nation and its taxpayers from ever again bearing the financial burdens of risky deals by Wall Street and other private financial players. The following year, the Consumer Financial Protection Bureau (CFPB) opened its doors to serve the needs of America’s consumers.

Before the CFPB, no single federal agency had consumers as its sole priority and focus. To date, the Bureau has benefited 17 million consumers through a total of $10.1 billion in financial relief. More than 650,000 consumers have chosen to use its flexible complaint system that includes the options of online, written and telephone complaints in multiple languages.

On the enforcement side, CFPB’s actions have addressed multiple violations in different lending areas:

• In 2013 Chase Bank USA, N.A. and JPMorgan Chase Bank, N.A. was ordered to refund an estimated $309 million to more than 2.1 million customers for illegal credit card practices.
Trending
5 Reasons Why Target Sold Pharm Biz to CVS

• The following year, Flagstar Bank was fined $37.5 million for violating the CFPB’s mortgage servicing rules by illegally blocking 6,500 borrowers’ attempts to save their homes.
• That same year, Colfax Capital Corporation and Culver Capital, LLC, also collectively known as “Rome Finance,” was ordered to pay $92 million in debt relief to 17,000 service members and other consumers for masking high-cost financing charges on artificially-inflated costs for goods and services.
• ACE Cash Express, operating over 1,500 storefront payday locations in 36 states, was ordered in 2014 to pay $10 million in restitution and penalties for its threats of criminal prosecution and intimidating phone calls that “create a sense of urgency” when contacting delinquent borrowers.
• Earlier this year, $480 million in debt relief to student loan borrowers who were wronged by the now-defunct Corinthian Colleges.

In recent days, the CFPB announced two additional enforcement actions involving illegal and deceptive credit card violations, and another for illegal private student loan servicing practices. As a result, Citigroup was ordered to refund $700 million to 8.8 million consumers and pay separate fines totaling $35 million. Discover Bank and its affiliates will refund $16 million to consumers, pay a $2.5 million penalty and improve its billing, student loan interest reporting and collection practices.

Additionally, 30 million consumers plagued by debt collectors now have the chance to be treated fairly because of CFPB’s first-time ever supervision of debt collection companies. The 12 million consumers who borrow payday loans will soon have more protection by a CFPB rule that addresses the myriad abuses wrought by triple-digit interest rates.

This and other abundant data suggest that America’s consumers are well-served by its four-year old consumer cop-on-the-beat.

Despite CFPB’s productivity, its critics have remained steadfastly opposed. Dozens of bills have been introduced to undermine its independence, its rules to protect against unfair deceptive and discriminatory practices, and its authority to oversee financial services such as payday lenders and auto finance companies.

When the Bureau took action against auto lenders who participated in pricing schemes that charged Black and Latino borrowers more for their loans, congressional critics organized threatening letters questioning their rationale and motives. And when the Bureau adopted new rules to rein in abuses in mortgage lending, those same critics rushed to file bills to weaken the rules and return to the very practices that lead up to the foreclosure crisis.

Fortunately, none of the attacks have made it into law.

At a July 8 Brookings forum that focused on the Wall Street reform law, Treasury Secretary Jack Lew was asked by a reporter about the effort to abolish CFPB.

“I will say, for all of the concerns that a lot of people had early in its history, as they’ve taken action there’s been broad, overwhelming support for the fact that they’ve done things in a careful and sensible way, listening to all sides,” said Secretary Lew. “So I think if you kind of step away from the debate that took place before the CFPB was created and look at the track record, it should put to rest a lot of that controversy.”

Others who agree with Treasury Secretary have also spoken up in its defense.

“The Consumer Financial Protection Bureau has built an unprecedented record of success protecting our nation’s consumers and service members who have been victimized by unscrupulous corporations and financial institutions, noted Congresswoman Maxine Waters, the Ranking Member on the House Financial Services Committee and a member of the Congressional Black Caucus.

“The CFPB has been, and continues to be, party to a wide array of enforcement actions related to practices that disproportionately affect communities of color, including deceptive marketing, unlawful debt collection, discrimination, unlawful fees and fraudulent mortgage relief schemes,” continued Waters.

A recent consumer survey by the Center for Responsible Lending and Americans for Financial Reform found that although anger at banks and other financial services companies has moderated over their role in the housing crisis, broad and bipartisan support for CFPB remains. When consumers self-identified as likely 2016 voters were asked to choose between more and less regulation of financial companies 71 percent side with more, and 20 percent with less. Additionally, 64 percent of these voters saw a need for an agency charged with protecting consumers against dangerous financial products.

So it seems that public sentiment sides with CFPB continuing its important work to protect consumer credit and finances.

“I’m truly proud of the CFPB’s outstanding success on behalf of our nation’s active-duty military, restoring tens of millions to service members. And I applaud the Bureau for the work it’s doing to rein in payday lenders that have turned a business intended to help hard working consumers stay out of financial trouble into one that often creates trouble instead,” added Congresswoman Waters.

“I am hopeful that soon, the CFPB will eventually yield a strong and simple rule that protects our low-income and minority communities from unaffordable rates and unfair terms,” she concluded.

Charlene Crowell is a communications manager with the Center for Responsible Lending. She can be reached at 919-313-8523.

###

Oakland Post

Posts by Oakland Post

Up Next

Hip Hop Corner: Fakeness Tarnishes Hip Hop

Don't Miss

To Be Equal: 2015 National Urban League Conference

Oakland Post

Click to comment

Advice

COMMENTARY: If You Don’t Want Your ‘Black Card’ Revoked, Watch What You Bring to Holiday Dinners

From Thanksgiving to Christmas to New Year’s Day, whether it’s the dining room table or the bid whist (Spades? Uno, anyone?) table, your card may be in danger.

Published

2 days ago

December 14, 2025

Oakland Post

The ‘aunties’ playing cards. iStock photo by Andreswd.

By Wanda Ravernell
Post Staff

From the fourth week of November to the first week in January, if you are of African descent, but particularly African American, certain violations of cultural etiquette will get your ‘Black card’ revoked.

From Thanksgiving to Christmas to New Year’s Day, whether it’s the dining room table or the bid whist (Spades? Uno, anyone?) table, your card may be in danger.

It could take until Super Bowl Sunday for reinstatement.

I don’t know much about the card table, but for years I was on probation by the ‘Aunties,’ the givers and takers of Black cards.

How I Got into Trouble

It was 1970-something and I was influenced by the health food movement that emerged from the hippie era. A vegetarian (which was then considered sacrilegious by most Black people I knew) prepared me a simple meal: grated cheese over steamed broccoli, lentils, and brown rice.

I introduced the broccoli dish at the Friday night supper with my aunt and grandfather. She pronounced the bright green broccoli undone, but she ate it. (I did not, of course, try brown rice on them.)

I knew that I would be allowed back in the kitchen when she attempted the dish, but the broccoli had been cooked to death. (Y’all remember when ALL vegetables, not just greens, were cooked to mush?)

My Black card, which had been revoked was then reattained because they ate what I prepared and imitated it.

Over the decades, various transgressions have become normalized. I remember when having a smoked turkey neck instead of a ham hock in collard greens was greeted with mumblings and murmurings at both the dining room and card tables. Then came vegan versions with just olive oil (What? No Crisco? No bacon, at least?) and garlic. And now my husband stir fries his collards in a wok.

But No Matter How Things Have Changed…

At holiday meals, there are assigned tasks. Uncle Jack chopped raw onions when needed. Uncle Buddy made the fruit salad for Easter. My mother brought the greens in winter, macaroni salad in summer. Aunt Deanie did the macaroni and cheese, and the great aunts, my deceased grandmother’s sisters, oversaw the preparation of the roast beef, turkey, and ham. My father, if he were present, did the carving.

These designations/assignments were binding agreements that could stand up in a court of law. Do not violate the law of assignments by bringing some other version of a tried-and-true dish, even if you call it a new ‘cheese and noodle item’ to ‘try out.’ The auntie lawgivers know what you are trying to do. It’s called a menu coup d’état, and they are not having it.

The time for experiments is in your own home: your spouse and kids are the Guinea pigs.

My mother’s variation of a classic that I detested from that Sunday to the present was adding crushed pineapple to mashed sweet potatoes. A relative stops by, tries it, and then it can be introduced as an add-on to the standard holiday menu.

My Aunt Vivian’s concoctions from Good Housekeeping or Ladies’ Home Journal magazine also made it to the Black people’s tables all over the country in the form of a green bean casserole.

What Not to Do and How Did It Cross Your Mind?

People are, of all things holy, preparing mac ‘n’ cheese with so much sugar it tastes like custard with noodles in it.

Also showing up in the wrong places: raisins. Raisins have been reported in the stuffing (makes no sense unless it’s in a ‘sweet meats’ dish), in a pan of corn bread, and – heresy in the Black kitchen – the MAC ‘n’ CHEESE.

These are not mere allegations: There is photographic evidence of these Black card violations, but I don’t want to defame witnesses who remained present at the scene of the crimes.

The cook – bless his/her heart – was probably well-meaning, if ignorant. Maybe they got the idea from a social media influencer, much like Aunt Viv got recipes from magazines.

Thankfully, a long-winded blessing of the food at the table can give the wary attendee time to locate the oddity’s place on the table and plan accordingly.

But who knows? Innovation always prevails, for, as the old folks say, ‘waste makes want.’ What if the leftovers were cut up, dipped in breadcrumbs and deep fried? The next day, that dish might make it to the TV tray by the card table.

An older cousin – on her way to being an Auntie – in her bonnet, leggings, T-shirt, and bunny slippers and too tired to object, might try it and like it….

And if she ‘rubs your head’ after eating it, the new dish might be a winner and (Whew!) everybody, thanks God, keeps their Black cards.

Until the next time.

Oakland Post

Posts by Oakland Post

Alameda County

Seth Curry Makes Impressive Debut with the Golden State Warriors

Seth looked comfortable in his new uniform, seamlessly fitting into the Warriors’ offensive and defensive system. He finished the night with an impressive 14 points, becoming one of the team’s top scorers for the game. Seth’s points came in a variety of ways – floaters, spot-up three-pointers, mid-range jumpers, and a handful of aggressive drives that kept the Oklahoma City Thunder defense on its heels.

Published

2 weeks ago

December 4, 2025

Oakland Post

Seth Curry is a point guard on the GSW team.Photo courtesy of the Golden State Warriors.

By Y’Anad Burrell

Tuesday night was anything but ordinary for fans in San Francisco as Seth Curry made his highly anticipated debut as a new member of the Golden State Warriors. Seth didn’t disappoint, delivering a performance that not only showcased his scoring ability but also demonstrated his added value to the team.

At 35, the 12-year NBA veteran on Monday signed a contract to play with the Warriors for the rest of the season.

One of the most memorable moments of the evening came before Seth even scored his first points. As he checked into the game, the Chase Center erupted into applause, with fans rising to their feet to give the newest Warrior a standing ovation.

The crowd’s reaction was a testament not only to Seth’s reputation as a sharpshooter but also to the excitement he brings to the Warriors. It was clear that fans quickly embraced Seth as one of their own, eager to see what he could bring to the team’s championship aspirations.

Warriors’ superstar Steph Curry – Seth’s brother – did not play due to an injury. One could only imagine what it would be like if the Curry brothers were on the court together. Magic in the making.

Seth’s debut proved to be a turning point for the Warriors. Not only did he contribute on the scoreboard, but he also brought a sense of confidence and composure to the floor.

While their loss last night, OKC 124 – GSW 112, Seth’s impact was a game-changer and there’s more yet to come. Beyond statistics, it was clear that Seth’s presence elevated the team’s performance, giving the Warriors a new force as they look to make a deep playoff run.

Oakland Post

Posts by Oakland Post

Activism

Essay: Intentional Self Care and Community Connections Can Improve Our Wellbeing

At the deepest and also most expansive level of reality, we are all part of the same being, our bodies made from the minerals of the earth, our spirits infused by the spiritual breath that animates the universe. Willingness to move more deeply into fear and pain is the first step toward moving into a larger consciousness. Willingness to move beyond the delusion of our separateness can show us new ways of working and living together.

Published

2 months ago

October 27, 2025

Oakland Post

Lorraine Bonner is a retired physician. She is also a sculptor who works in clay, exploring issues of trust, trustworthiness and exploitation, as well as visions of a better world.

By Dr. Lorraine Bonner, Special to California Black Media Partners

I went to a medical school that was steeped in the principles of classical Western medicine. However, I also learned mindfulness meditation during that time, which opened me to the multifaceted relationship between illnesses and the interconnecting environmental, mental and emotional realities that can impact an individual’s health.

Therefore, when I began to practice medicine, I also pursued training in hypnosis, relaxation techniques, meditation, and guided imagery, to bring a mind-body focus to my work in medical care and prevention.

The people I saw in my practice had a mix of problems, including high blood pressure, diabetes, and a variety of pain issues. I taught almost everyone relaxation breathing and made some general relaxation tapes. To anyone willing, I offered guided imagery.

“My work embraced an approach to wellness I call “Liberatory Health” — one that not only addresses the treatment and management of disease symptoms but also seeks to dismantle the conditions that make people sick in the first place.”

From my perspective, illness is only the outermost manifestation of our efforts to cope, often fueled by addictions such as sugar, tobacco, or alcohol, shackled by an individualistic cult belief that we have only ourselves to blame for our suffering.

To put these ideas into practical form, I would quote the immortal Mr. Rogers: “Find the helpers.” There are already people in every community working for liberation. Some of them are running for office, others are giving food to those who need it. Some are volunteering in schools, libraries or hospitals. Some are studying liberation movements, or are working in urban or community gardens, or learning to practice restorative and transformative justice, or creating liberation art, music, dance, theater or writing. Some are mentoring high schoolers or apprenticing young people in a trade. There are many places where compassionate humans are finding other humans and working together for a better world.

A more compassionate world is possible, one in which we will all enjoy better health. Creating it will make us healthier, too.

In community, we are strong. Recognizing denial and overcoming the fragmenting effects of spiritual disorder offer us a path to liberation and true health.

Good health and well-being are the collective rights of all people!

About the Author

Dr. Lorraine Bonner is a retired physician. She is also a sculptor who works in clay, exploring issues of trust, trustworthiness and exploitation, as well as visions of a better world.