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Letter: Consumer agency is on the lookout

A Wells Fargo Bank in Palo Alto, Calif.,

A Wells Fargo Bank in Palo Alto, Calif., April 19, 2010. Photo Credit: AP

I wholeheartedly agree with “Give watchdogs sharper teeth,” your Oct. 14 editorial about the Wells Fargo Bank scandal.

Sadly, the editorial did not include information about the concerted effort against the Consumer Financial Protection Bureau, the new and best watchdog on Wall Street. The big banks and Wall Street don’t like having this bureau looking over their shoulders, nor do their powerful lawyers, supportive think tanks and influential media friends.

The CFPB considers what harm banks’ actions may be doing to citizens. We can’t understand the game if we don’t know the players, and these influencers hide behind friendly sounding names like The Heritage Foundation.

Newsday, and the rest of our free press, are uniquely situated to help fight for those sharper teeth!

Ann Kemler, Long Beach

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