Bankruptcy and debt problems in New York and elsewhere affect not only average civilians but are also a particularly big problem for military personnel and their families. And now Elizabeth Warren, tasked with setting up the new Consumer Financial Protection Bureau (CFPB), is trying to do something about it.
She recently invited Holly Petraeus (wife of General David Petraeus) to be in charge of setting up a new Office of Servicemember Affairs at the CFPB. And now she’s shining a light on J.P. Morgan’s practice of overcharging military families in connection with their mortgages. (“Whitehouse’s Warren: J.P. Morgan Overcharges Prove Need for Consumer Bureau“).
The most oft-heard criticisms of Warren are that she’s “partisan” or “lacks experience” running a government agency. But rooting out practices such as overcharging and fraud hardly seem partisan. (Unless, that is, the Republicans are actually advocating for theft and scams.) And shining a light on these kinds of practices seems to be something with which Warren has tremendous experience. All of which further makes it clear that any opposition to Warren to run the CFPB originates solely in the desire of the financial and credit industry to protect their bottom lines.
While we’ve hopefully begun to move past the worst of the financial crisis, there is still plenty of clean-up to do. And it’s in all Americans’ interest for that clean-up to happen.
If you are experiencing fair debt collection practices act and debt problems, the NY bankruptcy law firm of Rosenberg, Musso & Weiner can help. Contact us to schedule a free bankruptcy consultation 718-855-6840.
