Consumer Advocate Spat

A coalition of organizations supporting Wall Street reforms says efforts by Senate Republicans to block any nominee for director of the new Consumer Financial Protection Bureau would maintain the status quo in the aftermath of the recent economic crisis. "Deceptive and abusive mortgage lending was a fundamental cause of the financial crisis," Americans for Financial Reform said in a statement. The group criticized a letter 44 senators sent to President Obama in early May threatening to withhold support for any nominee to lead the agency, which begins work July 21. The senators contend the agency's mandate will be too broad, and want a board of directors instead of just one person at the helm. They also are insisting that the agency be accountable to other financial regulators.

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