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Consumer Financial Protection Bureau (CFPB)

Thursday, March 8, 2018

Trump is systematically backing off consumer protections, to the delight of corporations

Agencies under President Trump’s executive discretion have taken a laid back approach to consumer protections relative to previous administrations. The Washington Post writes: “At the [CFPB], for example, enforcement actions have dropped from an average of three-to-five each month during the past four years down to zero since a Trump appointee took charge of the agency in late November.” Under the guidance of Mick Mulvaney, the CFPB is reportedly deferring enforcement actions to state attorneys general and regulatory bodies.

 Read more . . .

Monday, December 11, 2017

When it comes to financial consumer protection state attorneys general wield an additional potentially powerful weapon.

A little-known provision of the 2010 Dodd-Frank law, which created the CFPB, gives them the authority to enforce the agency’s rules and its broad ban on “unfair, deceptive and abusive” practices beyond state lines.

States have rarely used those provisions while Richard Cordray, appointed by President Barack Obama and known for aggressively pursuing financial firms, was in charge of the watchdog.


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Tuesday, November 21, 2017

The vast majority of Americans -- across the political spectrum -- benefit from the protections of the Consumer Financial Protection Bureau. Here's one example from this piece:

In fact, the CFPB has emerged as that rare beast — a fast-moving agency that actually chalks up wins for average Americans. By the end of 2016, shortly before Trump took office, the 5 1/2 -year-old bureau’s enforcement actions against everyone from the country’s biggest banks to small-time debt collectors had already returned $11.9 billion to 29 million consumers. The CFPB had created a public database of consumer complaints against banks and other lenders, and had issued new rules governing everything from mortgages to student loans to the prepaid cards that millions of “unbanked” Americans carry in their wallets. A year ago, the bureau finalized new rules giving prepaid customers some of the same protections enjoyed by those who use credit cards.
Read more . . .

Monday, November 20, 2017

Trump likely to tap budget director Mulvaney as interim CFPB chief

Fox guarding the hen house.  Mulvaney was one of the agency's most vocal critics during his time in the House and voted in favor to kill the agency.


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Friday, November 17, 2017

Richard Cordray to step down as head of Consumer Financial Protection Bureau

A one-two punch. First the Congressional override of the CFPB's rule limiting mandatory arbitration clauses in certain consumer financial agreements. And now the loss of Cordray who has been an important advocate for consumer financial rights.


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