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Mulvaney is one of my favorite Cabinet members. Bright, no nonsense guy who lays it all out so everyone can understand. He clears up misconceptions. Short video worth watching
He may be bright, but then perhaps it makes it all the more sad that he seems to favor policies that undermine protections of ordinary Americans:
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
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.
He may be bright, but then perhaps it makes it all the more sad that he seems to favor policies that undermine protections of ordinary Americans:
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
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.
Perhaps the weirdest part is that he felt compelled to re-name it by shifting the words around.
The fact that a government agency is "needed" to protect people from their own poor decisions is ludicrous. And people are complaining to it because they were victims of their own stupidity? "Injured borrowers" LOL.
The fact that a government agency is "needed" to protect people from their own poor decisions is ludicrous. And people are complaining to it because they were victims of their own stupidity? "Injured borrowers" LOL.
Excuse me, but although there are certainly stupid people, gullible people, uninformed people - after all, look at all the people who were suckered by a mean, bigoted, lying con man running for president - the problem isn't always their stupidity.
If you were at all informed about the unethical goings-on by various banks, you'd know that often the victims are blameless - and the banks refuse to do the right thing unless the government leans on them. Surely you know, for instance, that Wells Fargo was fined $100,000,000 for their fradulent accounts? That's not something that an ordinary individual can fight by himself.
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