Trump Administration Sides with Loan Sharks

The Nation reports:

January 16 was supposed to be the day of reckoning for a notorious predatory-lending industry, when a rule from the Obama administration’s consumer-watchdog agency would finally start to curb a business that’s fleecing the poor. But the day the new regulation was set to kick in, the Trump White House’s newly appointed head of the agency decided to suspend the rule indefinitely, and soon announced a “review” of all agency operations, signaling a shift in mission from protecting Main Street to coddling Wall Street.

The danger is that payday predators will now be unleashed to ramp up their unsavory tactics and trap more low-income consumers in an unending cycle of debt. Instead of protecting consumers, predators have a friend in Mulvaney:

The suspension of the rule signals a new direction for the CFPB, which is now headed by Mick Mulvaney, a longtime Trump crony and eminent Wall Street warrior who has a record of fiercely protecting financiers, not consumers. Mulvaney immediately followed the rule’s suppression by launching an internal review of the agency, which watchdog groups see as another step toward reversal of the agency’s founding mission.

READ MORE about how the Trump Administration is going after low-income consumers while coddling big money donors.

shark

For more on our work to protect consumers from payday predators, follow @TNCitizenAction


 

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