POTUS Laudes CFPB in Weekly Address

In his October 27, 2012 weekly address to the Nation, President Obama praised recent efforts of the Consumer Financial Protection Bureau. Among the highlights:

“[The CFPB’s] only mission is to fight for you.”

“[The CFPB] recently ordered three big credit card companies to return more than $400 million dollars to folks who were deceived or mislead . . . that’s what Wall Street Reform is all about . . .”

“[Republicans in Congress] backed by an army of financial industry lobbyists, they’ve been waging an all out battle to delay, defund and dismantle these new rules.”

” . . .the true engine of job creation in this country is the private sector — not the government.”

“But I also believe that the free market has never been about taking whatever you want, however you can get it.”

“We’ve come too far and sacrificed too much, to go back to an era of ‘top-down, on your own’  economics.”

The President’s full address can be viewed here.

Print Friendly, PDF & Email

Donald Maurice provides counsel to the financial services industry, successfully litigating matters in the state and federal courts in individual and class actions. He has successfully argued before the Third, Fourth and Eighth Circuit U.S. Courts of Appeals, and has represented the financial services industry before several courts including as counsel for amicus curiae before the United States Supreme Court. He counsels clients in regulatory actions before the CFPB, and other federal and state regulators and in the development and testing of debt collection compliance systems. Don is peer-rated AV by Martindale-Hubbell, the worldwide guide to lawyers. In addition to being a frequent speaker and author on consumer financial services law, he serves as legal counsel to DBA International and as chair of the ABA's Bankruptcy and Debt Collection Subcommittee. He serves on the governing Board of Regents of the American College of Consumer Financial Services Lawyers and on the Governing Committee of the Conference on Consumer Finance Law .