advertisement
Forums

 

AAPL stock: Click Here

You are currently viewing the 'Friendly' Political Ranting forum
"Trump Administration Plans To Defang Consumer Protection Watchdog"
Posted by: Steve G.
Date: February 12, 2018 10:53AM
And the GOP sits around and applauds. It's not some personnel scandal. This is real actions against 300 million Americans.

Trump Administration Plans To Defang Consumer Protection Watchdog
[www.npr.org]

The Consumer Financial Protection Bureau was created after the financial crisis to protect Americans from being ripped off by financial firms.

Now, President Trump's interim appointee to run the bureau, Mick Mulvaney, is making radical changes to deter the agency from aggressively pursuing its mission.

An internal memo obtained by NPR says the CFPB on Monday will unveil a new strategic plan to that end. A "revised mission and vision of the bureau" for the years 2018 through 2022 will call upon the agency to "fulfill its statutory responsibilities but go no further." It also says the bureau should be "acting with humility and moderation."

This new direction is consistent with Mulvaney's other memos and statements and formalizes his plans for defanging the watchdog bureau and reshaping its mission, according to insiders and experts that NPR has talked to.

The CFPB is considered a powerful and independent watchdog. But many Republicans have wanted to shut it down since Day 1 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.

"People are devastated and angry — just imagine how you would feel if years of your life had been dedicated to pursuing justice and you lose everything," says Christopher Peterson, a former Office of Enforcement attorney at the Consumer Financial Protection Bureau who worked on this particular case early on.
Options:  Reply • Quote
Re: "Trump Administration Plans To Defang Consumer Protection Watchdog"
Posted by: cbelt3
Date: February 12, 2018 11:29AM
Chaos President. Anarchy Now !
Options:  Reply • Quote
Re: "Trump Administration Plans To Defang Consumer Protection Watchdog"
Posted by: Acer
Date: February 12, 2018 03:41PM
Republican consumer defense: See if other people have died after using it, and if they have, don't buy it.
Options:  Reply • Quote
Re: "Trump Administration Plans To Defang Consumer Protection Watchdog"
Posted by: JoeH
Date: February 12, 2018 05:44PM
Quote
Acer
Republican consumer defense: See if other people have died after using it, and if they have, don't buy it.

Oh, and we won't give you any chance to find out if other people have died...
Options:  Reply • Quote
Re: "Trump Administration Plans To Defang Consumer Protection Watchdog"
Posted by: AllGold
Date: February 12, 2018 07:47PM
Trump and the Republicans have been doing all kinds of @#$%& like this (things that hurt the average person so that corporations might benefit) and I don't understand how people allow it.



Options:  Reply • Quote
Re: "Trump Administration Plans To Defang Consumer Protection Watchdog"
Posted by: rjmacs
Date: February 13, 2018 10:25AM
Quote
AllGold
Trump and the Republicans have been doing all kinds of @#$%& like this (things that hurt the average person so that corporations might benefit) and I don't understand how people allow it.

You say "people" when you mean "I."



rj
AKA
Vreemac, Moth of the Future
Options:  Reply • Quote
Re: "Trump Administration Plans To Defang Consumer Protection Watchdog"
Posted by: AllGold
Date: February 13, 2018 05:10PM
To some extent, sure.

I keep sending messages to my complete tool of a Republican Congressman that I, in no uncertain terms, do not support his votes on these issues. He either ignores me or sends back a letter chocked full of B.S. There's not much more I can do for the time being. I did not vote for him and won't vote for him in the future. But he's pissed me off enough that for the next election I may volunteer to help get him voted out.

(Unlike my Congressman, my U.S. Senators always vote in the best interests of their constituents.)



Options:  Reply • Quote
Sorry, only registered users may post in this forum.

Click here to login

Online Users

Guests: 241
Record Number of Users: 52 on November 20, 2014
Record Number of Guests: 847 on February 04, 2015