This month marks the fifth anniversary of the law that created the only financial regulatory agency with a mandate to put the interests of consumers first. Since it opened its doors in July 2011, the Consumer Financial Protection Bureau has begun to bring badly needed rules of fair play to mortgages, debit cards and other areas of the financial marketplace, while delivering some $10.1 billion in refunds and restitution to more than 14 million consumers cheated by financial companies big and small.

Now the Bureau has taken the first steps toward issuing rules that could end abuses in payday, car-title, and other high-cost, debt-trap consumer loans – loans that have had devastating effects on countless Wisconsin families. Unfortunately for the citizens of Idaho, however, Senator Crapo appears to be lining up with the payday lenders and the big banks in their ceaseless efforts to block regulation and undermine the Consumer Bureau’s effectiveness.

Senator Crapo has voted for bills and amendments designed to curtail the CFPB’s funding and authority and roll back financial reform. In addition, he ranks among the top thirty House recipients of payday-industry campaign contributions, with $37,500 coming in during the last election cycle.

A new survey confirms once again that most voters – including majorities of Democrats, Independents and Republicans – believe there should be more, not less, government oversight of financial companies. Nearly nine out of ten voters say that small-dollar lenders should have to make sure a loan is affordable in light of a customer’s income and expenses. Continue reading →