Comment on CFPB-2012-0015-0001

Document ID: CFPB-2012-0015-0008
Document Type: Public Submission
Agency: Consumer Financial Protection Bureau
Received Date: April 13 2012, at 12:00 AM Eastern Daylight Time
Date Posted: April 17 2012, at 12:00 AM Eastern Standard Time
Comment Start Date: April 12 2012, at 12:00 AM Eastern Standard Time
Comment Due Date: June 11 2012, at 11:59 PM Eastern Standard Time
Tracking Number: 80fefcfa
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This is comment on Proposed Rule

Truth in Lending (Regulation Z)

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It's atrocious that an agency which is supposed to be 'the cop on the beat' protecting citizens from shady financial practices is now seeking to eliminate a law which protects consumers from being scammed. Honestly, is it fair and reasonable to expect up to 25% of the credit balance to show up as fees BEFORE the card is opened? This is a scam designed to trap poorly educated low income people into perpetual credit servitude. The consumer protection agency should be ashamed of itself and Obama's administration is simply showing itself as no better than the Republicans. Why should I even bother voting when the financial services industry so clearly appears to be running the show. Shame on you, and I've lost all faith in Elizabeth Warren's noble vision for this agency. It's become just another puppet of the banks.