The Consumer Financial Protection Bureau, founded by Elizabeth Warren prior to her career as a senator, was once the gem of the US political system, a consistently effective force for punishing finance industry wrongdoing, until Trump let Wall Street robber barons loose on it, under the direction of a lawyer who represented loan sharks before going to work for the Trump administration.
Now, the CFPB has signaled its intention to cancel the new rules limiting the worst behavior of the payday lending industry, a $50,000,000,000 force who will be able to go on charging 300% APR interest to people borrowing from paycheck to paycheck. The rules were scheduled to go into effect next August.
The CFPB has also dropped action against payday lenders who were caught charging 1000% interest.
The agency is now under the direction of Trump appointee Mick Mulvaney, who has changed its mission from serving as "a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules" to helping "consumer finance markets work by regularly identifying and addressing outdated, unnecessary or unduly burdensome regulations."
On Wednesday, the bureau invited businesses to submit their thoughts on whether the agency “is fulfilling its proper and appropriate functions to best protect consumers.” In other words, it wants to know which rules and enforcement practices should be discarded next.
Mulvaney said in a statement that “it is natural for the bureau to critically examine its policies and practices,” and that officials are seeking “constructive feedback” and “ideas for improvement.”
“Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process,” he said.
In bizarre reversal under Trump, consumer agency reveals moves to protect payday lenders [David Lazarus/LA Times]
, CC-BY, Trump's Hair)
Kaitlin Cawley finished grad school with $95,000 in student loans, including a $24,000 variable-rate loan that started at 9.4% and now stands at 11%, a loan that the US government lender Sallie Mae brokered for her when she was 20.
If you are an oligarch or criminal looking to exfiltrate and launder your money, London property markets have been your go-to asset class: London lux is real-estate that behaves like cash, thanks to the long line of oligarchs and criminals who'll pay cash for your safe-deposit box in the sky on a few hours' notice, […]
Under a leaked draft plan from Trump's Department of Labor, 16- and 17-year-olds would be permitted to work for extended periods in "Hazardous Occupations" as apprentices; at present, these apprentices are only allowed to train on machines like chainsaws and meat-slicers for short periods under close supervision.
Businesses big and small use Microsoft Excel for everything from data visualization to bookkeeping, and chances are you’ve already had some exposure to this ubiquitous tool. Whether you’re looking to improve your hiring potential or boost your Excel efficiency, the Ultimate All-Level Excel Bootcamp can get you Excel-savvy with nearly 70 hours of training, and it’s […]
The workday is long, and inevitably, you’re going to find yourself needing to take a break from the daily grind. With Mini Materials Miniature Cinder Blocks, you can take some time for yourself and decompress by turning your desk into a miniature construction site. They’re available today in the Boing Boing Store for $22.49. Handmade […]
Handheld radios might seem a bit archaic, but in an emergency situation, few things will keep you as reliably connected to the outside world. This Emergency Multi-Function Radio & Flashlight takes the utility of the tried-and-true radio and combines it with a powerful flashlight and self-sufficient energy system. It’s available in the Boing Boing Store for […]