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Old Today, 05:33 PM
 
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So discouraging.


The Rapid Decline of the Consumer Financial Protection Bureau
Throwing students and members of the military under the bus
The Nation
By George Zornick

The Consumer Financial Protection Bureau had a difficult birth. Written into the Dodd-Frank reforms in the aftermath of the 2008 financial collapse, the CFPB was created to protect consumers from payday lenders, credit-card companies, student-loan sharks, and debt collectors. That made the bureau a natural target of those industries...

Among Mulvaney’s more radical moves has been to defang the CFPB’s oversight of student loans. American students are deeply in debt: 44 million people owe a combined $1.5 trillion. Eight million are now in default, while 3 million more are at least two payments behind; three times as many people defaulted on student debt in 2016 than lost a home to foreclosure. That makes these borrowers susceptible to scams: Under Cordray, the bureau received 60,000 complaints through August 2017—that’s one complaint per hour, 24 hours a day, seven days a week. The CFPB acted on many of them, returning $750 million to injured borrowers, as well as conducting proactive supervision.

For the whole article:
https://www.thenation.com/article/why-loan-sharks-car-salesmen-and-payday-lenders-love-mick-mulvaney/
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