Obama Discusses Consumer Protections

The president talks about the Consumer Financial Protection Bureau in his weekly address.
3:30 | 07/20/13

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Transcript for Obama Discusses Consumer Protections
Hi everybody. Three years ago this weekend we put in -- place tough new rules of the road for the financial sector. So that irresponsible behavior on the power -- -- could never again cause a crisis that harms millions of middle class families. As part of that reform we set up the Consumer Financial Protection Bureau. The first ever independent consumer watchdog. -- one job to protect families from that sort of behavior. Two years ago I nominate a man named rich corporate a former attorney general from Ohio to run this consumer protection bureau. But Republicans in the senate refused to give him a simple up or down vote not because they didn't think he was the right person for the job. But because they didn't like the law that set up the consumer watchdog in the first place. So last year I acted on my -- to put him in charge. Because without a director of the CF PB couldn't use all the tools at its disposal to protect consumers from shady mortgage lenders. Or unscrupulous credit reporting agencies. Or predatory lenders who targeted veterans and seniors. I'm pleased to say that rich -- it was finally confirmed this week by a bipartisan vote. Because the work that's been done at the CF PB over the past two years. To -- mortgage lenders student lenders payday lenders and credit reporting and -- collection agencies all face greater scrutiny. That they don't play by the rules you now have somewhere to go to get some measure of justice. In fact the CF PB has already addressed more than -- 175000. Complaints from every state. Today as part of the CF -- know before you all weapons. Students and their parents can get a simple report with the information they need to make informed decisions before taking out student loans. And more than 700 colleges have stepped up to make this information clear and transparent. If you've noticed that some credit card forms are actually easier to understand that they used to be that's because the work the richest team and others in the administration had done. Today veterans have the tools they need to defend against dishonest lenders and mortgage brokers who try to prey on them when they come -- Seniors are better protect it from someone who sees their home -- retirement savings is an easy target. And thanks to the hardworking folks of the CF PB. So -- six million Americans have gotten more than 400 million dollars in refunds from companies that engaged in unscrupulous practices. That's money we didn't have the power recoverable. You know we've come a long way over the past four and a half years. Our economy's growing our business has created seven point two million new jobs in the past forty months. We've locked in new safeguards protecting gets another crisis -- and bailouts for good. And even though more work remains our financial system is more fair and much more sound than once. We still a long way to go to restore the sense of security -- too many middle class families are still fighting to rebuild. But if we keep moving forward with our eyes fixed on that -- star but growing middle class I'm confident we'll get -- where we need to go. Thanks every weekend.

This transcript has been automatically generated and may not be 100% accurate.

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