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.
Grassroots Analytics is a small, obscure founded by Danny Hogenkamp, a 24-year-old who studied Arabic in college and had not been involved in politics until he joined the 2016 Congressional campaign of Colleen Deacon in Syracuse, a working-class single mom campaigning on economic justice issues.
Newt Gingrich's 1995 Republican Revolution dismantled all the expert departmentsand bureaus that Congress depended on to make sense of the world, making lawmakers dependent on corporate lobbyists to advise them on everything from pollution to food safety to military technology to mass surveillance — nearly 25 years later, Washington DC is a literal and figurative swamp, and only 18% of Americans say they trust Congress.
Trump's economic statistics are all about stock growth and low unemployment numbers, but more than two thirds of the US economy is driven by consumer spending, so if you want to know where we're headed, you should be looking at the average American's ability to buy things.
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.
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.
Senators Bob Corker, Jeff Flake and John McCain talk a big game about not letting the GOP be the handmaiden of trumpist corruption, but when the chips were down last night, they voted with their party and a tie-breaking vote from Vice President Handmaid's Tale to pass legislation that lets financial institutions take away your right to sue them when they defraud you.
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.
Consumer rights advocacy group Public Citizen's Amanda Werner, dressed as Rich Uncle Pennybags from the Monopoly game, sat behind former Equifax CEO Richard Smith this morning during his testimony to the Senate Banking Committee about the company's breach of 45,500,000 Americans' private data . — Read the rest
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.
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.
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
Wells Fargo didn't merely open 2,000,000 fraudulent accounts and bill its customers for them; it also tricked its customers into signing up for insurance policies, at mass-scale.
One after another, ex-Wells Fargo employees have come forward to reveal that when they blew the whistle of millions of frauds committed against the bank's customers, the bank's management fired them and blackballed them from the banking industry for life, by falsifying claims of wrongdoing on a semi-secret list of corrupt bankers that is consulted by the industry before they make new hires.
If one of the 2,000,000 fraudulent accounts Wells Fargo opened was in your name, the US government has some advice for you.
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."
