"Consumer Financial Protection Bureau"

Equifax settles with FTC, CFPB, states, and consumer class actions for $700m

Equifax doxed virtually every adult in America as well as millions of people in other countries like the UK and Canada. The breach was caused by an acquisition spree in which the company bought smaller competitors faster than it could absorb them, followed by negligence in both monitoring and responses to early warnings. Execs who learned of the breach used it as an opportunity to engage in insider trading, while failing to take action to alert the public. Equifax nonconsensually gathers dossiers on everyone it can, seeking the most sensitive and potentially damaging information to record. The company was founded as part of a corporate spy-ring employed to root out and identify political dissidents and sexual minorities. Read the rest

Payday lenders switched their trade show to a Trump hotel and sent Trump at least a million bucks, then he gave them carte blanche to make billions preying on poor people

The payday lending industry is the pinnacle of predatory, corrupt capitalism, unabashed loan sharks who prey on the poorest and most desperate Americans, charging interest rates in the hundreds and even thousands of percent APR, using strongarm tactics including threats of violence and rape to collect on debts, and papering over the whole thing by flooding notice-and-comment proceedings with bot-generated comments and secretly bribing academics to write papers explaining that usury is a social good. Read the rest

How the payday loan industry laundered policy by paying academics to write papers that supported its positions

When Elizabeth Warren inaugurated the Consumer Financial Protection Bureau, one of her prime targets was subprime/payday/predatory lenders; and the lenders' lobbyists went on an all-out blitz, eventually prevailing under Trump's CFPB boss Mick Mulvaney. Read the rest

Over 500,000 US families go bankrupt from medical bills every year

A study published in the American Journal of Public Health found that 67 percent of people filing for bankruptcy were wiped out by medical bills. That amounts to 530,000 families per year, a "figure that is virtually unchanged since before the passage of the Affordable Care Act (ACA)."

From Physicians for a National Health Program:

Dr. David Himmelstein, the lead author of the study, a Distinguished Professor at the City University of New York's (CUNY) Hunter College and Lecturer at Harvard Medical School commented: "Unless you're Bill Gates, you're just one serious illness away from bankruptcy. For middle-class Americans, health insurance offers little protection. Most of us have policies with so many loopholes, copayments and deductibles that illness can put you in the poorhouse. And even the best job-based health insurance often vanishes when prolonged illness causes job loss - just when families need it most. Private health insurance is a defective product, akin to an umbrella that melts in the rain."

In the article, the authors note that "medical bills frequently cause financial hardship, and the U.S. Consumer Financial Protection Bureau reported that they were by far the most common cause of unpaid bills sent to collection agencies in 2014, accounting for more than half of all such debts."

Image: In 2010, an elderly relative of mine swallowed his partial denture, and it got stuck in his throat. He spent eight days in the hospital and the bill was $106,911.93. Luckily, he had insurance. Read the rest

Predatory lender found to have swindled veterans' pensions for eight years, so Trump's CFPB fined him $1

Mark Corbett has settled with the Consumer Financial Protection Bureau -- founded by Elizabeth Warren and then gutted by Trump appointee and awful person Mick Mulvaney, now the White House Chief of Staff -- over the complaints that he ran an illegal loan-sharking operation that swindled veterans out of their pensions for a decade.

He has been fined $1. Read the rest

US governmental requests for comment are routinely flooded by pro-corporate bots

Last year, the FCC was only able to ram through a repeal of Net Neutrality by refusing to reject the millions of comments sent by bots that used the stolen identities of regular internet users, dead people, and even sitting US Members of Congress. Read the rest

Trump's finance watchdog wants to make the taxpayer-funded database of crooked banks go dark

The Consumer Financial Protection Bureau is Elizabeth Warren's gift that keeps on giving -- one of the most effective US government agencies, handing out real punishment to banks that break the law, fighting loan-sharks that prey on poor people, and maintaining a database of vetted consumer complaints against banks that have ripped them off. Read the rest

Wells Fargo fined $1B for stealing cars and jacking houses

Wells Fargo defrauded 800,000 car loan borrowers, forcing 274,000 of them into bankruptcy and stealing ("wrongfully repossessing") 25,000 cars; they also ripped off mortgage borrowers by failing to send them their paperwork until after the deadline for filing it and then fining them for not filing it on time. Read the rest

Gary Cohn served Donald Trump for 14 months, and made billions for his old bosses at Goldman Sachs

When Donald Trump announced that he would "drain the swamp" by filling his cabinet with lobbyists, billionaires, and political operators, we all braced for an onslaught of rules that benefited the fattest of cats at the expense of everyone else, but Gary Cohn outdid himself. Read the rest

Trump's "consumer protection bureau" will let the $50B payday lending industry gouge the poorest Americans with triple-digit interest rates

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. Read the rest

Trump appointed a loan-shark fixer as an assistant Attorney General, who then wrote a controversial memo justifying the neutering of the consumer finance watchdog

The Consumer Financial Protection Bureau is a rare gem in the US financial regulatory apparatus, a regulator that actually tackles fraud and criminality by monied, powerful financial institutions, exacts meaningful penalties from them, and forces them to stop. They're one of the only things standing between you and highway robbery. Read the rest

Wall Street and Trump are about to kill the CFPB, the only government agency that effectively polices bank scams, crimes and frauds

The Consumer Financial Protection Bureau (previously) is practically the only US regulator we can be proud of -- founded by Elizabeth Warren before she ran for the Senate, the CFRB is a consumer protection agency that has been at the forefront of reining in criminal activities like Wells Fargo's nationwide frauds and Equifax's dox attack on the USA, as well as being the best defense Americans have against predatory loan-sharks masquerading as "payday lenders," abusive debt-collectors, racial discrimination in lending, and the student loan racket. Read the rest

Corporations form coalition to ask a court to ban coalitions (of people the corporations have screwed over)

One of the major triumphs of Elizabeth Warren's Consumer Financial Protection Bureau was a rule that banned the finance industry from using binding arbitration clauses to prevent defrauded customers from joining in class action suits to sue crooked banks. Read the rest

America's dirtiest, biggest student lender neutralized by federal watchdog

The Consumer Financial Protection Bureau, founded by Elizabeth Warren prior to her career as a senator, has entered into an unprecedented settlement with National Collegiate Student Loan Trusts, the largest holder of student debt in the country. Read the rest

Equifax lobbied to take away breach victims' right to sue

Before Equifax doxed 143 million Americans (but after it had suffered repeated smaller breaches that should have alerted the company to deficiencies in its security), it directed its lobbying body, the Consumer Data Industry Association, to pressure the Consumer Financial Protection Bureau to exempt credit-reporting bureaux from a soon-to-begin rule banning binding arbitration clauses in user agreements. Read the rest

Betsy DeVos ends ban on crooked loan-collectors in the student debt biz

Education secretary (and Ponzi-scheme billionaire heiress, anti-public-education crusader, and sister of notorious war criminal Eric Prince) Betsy DeVos just killed the recent Department of Education/Consumer Financial Protection Bureau guidelines that banned dirty bill-collectors from going after people with delinquent student bans. Read the rest

A rare class-action victory over Wells Fargo's fake accounts proves binding arbitration sucks

Wells Fargo got caught ripping off millions of customers by setting up fake accounts in their names, then billing them for "services" related to those accounts, sometimes tanking their credit-ratings, costing them jobs, even their houses -- but the company says you're not allowed to sue them because their employees fraudulently signed your name to a "binding arbitration" agreement that forces you to take your case to a fake judge whose salary they pay. Read the rest

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