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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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
