Wednesday, December 1 2021

Despite President Trump’s ostensible victory in the Supreme Court by asserting his authority over the Consumer Financial Protection Bureau, some of his allies have lamented the missed opportunity euthanize the hated Elizabeth Warren as an independent agency like that other ill-conceived measure of the Dodd-Frank law, the Volcker rule. And, depending on what is expected to happen in November, they might be right to be concerned.

But meanwhile, Kathy Kraninger & co. are, like their colleagues elsewhere, taking advantage of the time they have left, phantasmagorically keep on going the transformation an organization whose name devotes it to consumer protection in one protect those who prey on consumers.

The Consumer Financial Protection Bureau on Tuesday officially rolled back a plan to place new limits on payday loans… .. These loans can leave borrowers trapped in debt cycles, incurring fees every few weeks to replenish loans that ‘they can’t afford to repay…. The people appointed by Trump were so determined to eliminate the rule that they manipulated the agency’s research process to steer it toward their predetermined outcome, an office worker said in an internal memo reviewed by The New York Times .

Office of Consumer Affairs removes restrictions on payday loans [NYT]

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