One Year After Opening Its Doors, Consumer Agency Already Holding Financial Firms Accountable
Somerville, MA -- A new radio ad highlights the work U.S. Senate candidate and consumer advocate Elizabeth Warren did to create the Consumer Financial Protection Bureau. The ad comes on the one year anniversary of the opening of the CFPB and two years after Warren was tapped to get the agency up and running.
Two years after President Barack Obama signed into the law the legislation to create the agency, it's already protecting consumers, requiring credit card giant Capitol One to pay $210 million in refunds and fines for its deceptive practices.
The transcript of the ad follows. Listen to the ad here.
Announcer: Two years ago…
Female Reporter: President Obama officially tapping Elizabeth Warren to oversee the creation of the consumer protection agency.
President Obama: Elizabeth Warren came up with an idea for a new independent agency that would have one simple overriding mission: standing up for consumers and middle class families.
Announcer: Now the Consumer Financial Protection Bureau is fining credit card giant Capital One $210 million for tricking consumers into paying big fees. Consumers will get most of that money in direct refunds. Protecting consumers is what Elizabeth Warren had in mind when she came up with the idea for a new agency to hold the big banks and credit card companies accountable. Elizabeth Warren
Elizabeth Warren: We need a cop on the beat to make sure no one steals your purse on Main Street and no one steals your pension on Wall Street.
Announcer: Learn more about Elizabeth's proposals at elizabethwarren.com.
Elizabeth Warren: I'm Elizabeth Warren, a candidate for U.S. Senate, and I approve this message. Paid for by Elizabeth for MA.