The predatory payday lending industry — "'legalized loan sharks collect 75 percent of their fees from people stuck in more than 10 loans a year by charging 300 percent APR" — is lobbying hard to kill the proposed Consumer Financial Protection Bureau's proposed "debt trap" rule, "that would require lenders to determine whether borrowers can afford to pay back their loans and cut off repeated debit attempts that rack up fees and make it harder for consumers to get out of debt."
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. — Read the rest
Following reports this week that Mick Mulvaney, Trump's new chief of the Consumer Finance Protection Board had stopped all activity related to probing the Equifax breach in which the sensitive financial data of virtually every adult American was stolen, 32 Democratic senators have written to Mulvaney demanding that he account for himself.
Mick Mulvaney, the former loan-shark lobbyist who killed plans to regulate payday lenders after being appointed chief of the Consumer Finance Protection Board, has effective abandoned the agency's efforts to punish Equifax for leaking the sensitive personal and financial information of at least 145,500,000 Americans.
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.
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.
In 2018, Katie Porter flipped a Republican safe seat — it had literally never been held by a Democrat– in California's 45th District, and since then, she has been a delightful, brilliant terror of a lawmaker, using her deep background in finance law (she's a tenured finance law prof at UC Irvine who literally wrote the textbook on consumer finance law in the wake of Dodd-Frank and Elizabeth Warren's establishment of the Consumer Finance Protection Bureau).
Bernie Sanders has pledged to eliminate the $81b in outstanding US medical debt if he is elected president in 2020.
Elizabeth Warren's bid for the Democratic 2020 presidential nomination has been dominated by a series of bold, detailed policy proposals that are designed to enact deep, structural changes in American law and policy to reverse 40 years of post-Reagan corruption and wealth accumulation by the richest 1%.
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.
The FTC says the 4 companies made 'billions' of pre-recorded calls to phone numbers throughout America.
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.
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)." — Read the rest
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. — Read the rest
Is 911 service down in your area? Got a complaint about your mobile provider? Just invented a new iphone-killer, and need safety approval before your product goes to market? Well, too bad, you'll have to wait. The Federal Communications Commission just went dark. — Read the rest
Andrew Smith is Trump's chief of the FTC Consumer Protection Bureau, in charge of investigating companies that abuse Americans — but he can't, because he has previously provided services for over 100 of America's largest companies, including Facebook, a whack of payday lenders, Amazon, American Airlines, Amex, BoA, Capital One, Citigroup, John Deere, Equifax, Expedia, Experian, Glaxosmithkline, Goldman Sachs, Jpmorgan, Linkedin, Microsoft, Paypal, Redbubble, Twitter, Sotheby's, Transunion, Uber, Verizon, Visa, Disney and Wells Fargo.
Sheryl Sandberg asked Facebook staff to research George Soros because he gave a speech boldly critical of the social media giant as a "menace," reports the New York Times tonight.
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.
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.
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.