April 30, 2018

Trump eviserates the Consumer Financial Protection Bureau

Does anyone remember the 2008 financial crisis? Do you recall the major causes of the global financial meltdown? Egregious behavior by the banks and mortgage lenders! So Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. In addition to regulating banks and Wall Street, Dodd-Frank established the Consumer Financial Protection Bureau (CFPB). From its inception to April 2017 the CFPB "returned almost $12 billion to 29 million consumers and imposed about $600 million in civil penalties."
Now the Trump White House is trying to destroy the CFPB (mainly because the bill was signed by President Obama) but also because, rather than cleaning up the swamp in D.C. Trump hires former wall Street big guns to run the country.
Trump appointed Mick Mulvaney, White House budget director for a second full-time job as acting director of the Consumer Financial Protection Bureau. Mulvaney sure has the consumer interest at heart. He epitomizes the swamp; he stated that when he was a member of Congress, he would only talk with lobbyists who were donating money to him. Forget lobbyists for consumer and environmental organizations: no money; no access!
Mulvaney is making massive changes to the CFPB according to The Wall Street Journal and other reliable sources. He is following Trump's direction to gut the consumer bureau... and deepen the swamp.

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