Trump Administration Plans To Defang Consumer Protection Watchdog
Once again we are presented with Mr. Trump and his administration's idea of helping American citizens. When are we going to get off our butts and get rid of these criminals?!
Excerpt:
The CFPB is considered a powerful and independent watchdog. But many Republicans have wanted to shut it down since day one because they think it's too powerful. Mulvaney is one of them. As a congressman, Mulvaney called the agency a "sick sad joke." He drafted legislation to abolish it. So people at the bureau were shocked when the president appointed him to run this consumer protection agency.
Within weeks of coming on board, Mulvaney has worked to make the watchdog agency less aggressive. Under his leadership, the CFPB delayed a new payday lending regulation from going into effect and dropped an investigation into one payday lender who contributed to Mulvaney's campaign. In another move that particularly upset some staffers, the new boss also dropped a lawsuit against an alleged online loan shark called Golden Valley Lending. The suit says the lender illegally charges people up to 950 percent interest rates. It took CFPB staffers years to build the case.
Trump is undoing so much important stuff right now. He is also gutting the EPA and allowing park lands in Alaska for oil drilling. The US does not need access to more oil. The fracking which is crazy and should be heavily regulated or outlawed, has positioned the US as one of the top 3 oil owners on the planet. The challenge is that there is so much bad stuff, everyone is running around trying to figure out what to deal with first. But it all has to have attention because if not our families will suffer in the long term. I will resteem my friend. Thanks for the article about this important topic.
A koi oka khoti da phal hay o begartaa.vote me
nice post i like it very much and interesting thanks for adding insight for us.
Wauuuuuuuuuuu good
many of the American citizens live badly accustomed thanks to the help of these lenders the lack of conscience and of a more moderate economy is the one that drags many to the bankrupt paying great interests for unnecessary luxuries.
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I was involved in a Class action suit filed by the CFPB against Wells Fargo bank. It was about overcharging of interest fees and other overcharges. The suit involved 1.7 million Homeowners. Well, before it went to Trail Wells Fargo settled out of court for a sum of 22 BILLION dollars. It took Two years for us to receive our settlement. Each homeowner received $2.89 (two dollars and eighty-nine cents) You do the math. The CFPB raped the homeowners for court costs and lawyer fees. Just saying not all things are what you hear they are.
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