Campaign for Postal Banking
03/01/2017 - (This article first appeared in the March-April 2017 issue of The American Postal Worker magazine.)
After the devastating 2008 financial crisis, Congress passed the Dodd-Frank Act that led to creation of the Consumer Financial Protection Bureau (CFPB). The Bureau has had a significant impact protecting consumers and holding big banks accountable. The CFPB recently fined Wells Fargo $100 million for the illegal practice of secretly opening unauthorized customer accounts. Since the Bureau’s inception, it returned nearly $12 billion to consumers who were cheated or misled by payday lenders, pawn shops and other financial predators. It has taken particular aim at companies that target service members and veterans.