Hi-Tech

Trump's Consumer Agency Announces Plan to Let Predatory Lenders Off the Hook

Trump's Consumer Agency Announces Plan to Let Predatory Lenders Off the Hook

The Consumer Financial Protection Bureau (CFPB) is asking the firms its regulates to submit complaints about the agency's core actions.

The new management at the Consumer Financial Protection Bureau under Acting Director Mick Mulvaney is seeking input on many aspects of how the bureau has been doing its job.

A US regulator responsible for protecting consumers plans to rewrite a rule approved under its previous Democrat leadership that was meant to prevent payday lenders from saddling cash-strapped borrowers with expensive loans.

The escalating debate comes as the federal watchdog, whose leadership shifted from an Obama administration appointee to a Trump administration pick late previous year, said Tuesday that it would take a new look at the rule.

Late on Tuesday, the Consumer Financial Protection Bureau (CFPB) announced that it is planning to "reconsider" the Payday Rule, an Obama-era rule that created the first federal restrictions on payday loans.

"In this New Year, and under new leadership, it is natural for the bureau to critically examine its policies and practices to ensure they align with the bureau's statutory mandate", Mulvaney said in a press release.

The CFPB was created in the aftermath of the housing market bubble, 2008 financial crisis and the subsequent Great Recession.

Can Stock
Can Stock

16, announcement from the Consumer Financial Protection Bureau indicates it will ease the regulation passed in October despite a massive lobbying campaign by the industry. Former Director Richard Cordray, who resigned in November and is now running for governor of OH, criticized the decision on Twitter, calling it a "truly shameful action by the interim pseudo-leaders of the CFPB".

Cordray and the CFPB got high praise from Democrats, the Obama White House and consumer advocacy groups, but at the same time made enemies with Republicans in Congress, who would call the CFPB a rogue agency.

The payday lending rule limits how often indebted consumers can obtain short-term loans and how much money they can borrow.

Now, as its acting director, he's in a position to change it.

The Consumer Financial Protection Bureau will solicit wide-ranging commentary on its mission from the public and companies, the agency's acting director announced Wednesday.

The bureau has provided Americans with billions of dollars in refunds and debt relief, often at banks' expense. That would cut off an important source of cash for those in need, they say.

In contrast, Allied Progress, a consumer group backed in part by the New Venture Fund, a public charity focused on conservation, education and other issues, argued that Mulvaney is biased against the payday lending rule because he "took thousands of dollars from the payday industry" in the form of campaign contributions when he served as a Republican U.S. House member from SC. "I don't think so, because I am not in elected office anymore", Mulvaney said in December.





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