Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So sad - this was such a great idea of Elizabeth Warren's, and was shown to do so much good, even with its limited mandate.
The Rapid Decline of the Consumer Financial Protection Bureau Why Loan Sharks, Car Salesmen, and Payday Lenders Love Mick Mulvaney Trump’s pick to protect consumers is 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...
Mulvaney immediately brought the bureau under the president’s direct political control, assigning appointees to shadow career staffers in each CFPB division, moving critical supervisory and enforcement functions into the director’s office, and requesting no money for bureau operations at all. In June, he fired his entire advisory board after several members criticized his leadership. He also changed the agency’s name to the Bureau of Consumer Financial Protection.
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. That didn’t sit well with lenders, and Trump’s new guard quickly moved to appease them.
It must be a bi***, going through life, thinking everyone is corrupt and out to get you. Pretty sad when people think every person who goes to Washington is there to line their pockets.
Maybe, just maybe, some of them actually care about America and Americans, and want to make things better. I guess I am just a glass half full kind of guy, and I tend to think some humans actually have good motives and morals.
It must be a bi***, going through life, thinking everyone is corrupt and out to get you. Pretty sad when people think every person who goes to Washington is there to line their pockets.
Maybe, just maybe, some of them actually care about America and Americans, and want to make things better. I guess I am just a glass half full kind of guy, and I tend to think some humans actually have good motives and morals.
Im sure its just a coincidence that 6 of the top 10 wealthiest suburbs and 10 of the top 20 wealthiest counties in the US surround DC
Yes. Open a history book sometime instead of listening to right-wing radio 24/7.
I know, reading is for those silly libruls.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
