'Consumer' Bureau Declines to Resist Upfront Credit Card Fees

April 15, 2012 by legitgov

'Consumer' Bureau Declines to Resist Upfront Credit Card Fees 13 Apr 2012 In one of the first tests of its willingness to show its muscle, the new agency created to protect consumers declined on Thursday to put up a fight. The agency, the Consumer Financial Protection Bureau, introduced a proposal that would make it easier for credit card issuers to charge fees before borrowers' accounts were officially open. The bureau declined to say why it took this course. But some consumer advocates said they believed that the consumer agency, led by Richard Cordray, may be backing down because it has decided to "pick its battles," while trying to show that it is not unfriendly to business. [No, it's backing down because Obusha is a Wall Street troll and he picked another Wall Street troll to head a useless agency, created merely to pacify the remains of his base. --LRP]