Mulvaney says Trump wants him to stop the CFPB from ‘strangling’ capitalism
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- 1 Mulvaney says Trump wants him to stop the CFPB from ‘strangling’ capitalism
- 1.1 CFPB has collected $11.7 BILLION in penalties against banks and large business
He now crushes the voice of the only organization that tries to protect you and me as consumers.
November, 2017 Trump appointed Mick Mulvaney as “acting” director of the Consumer Financial Protection Bureau, at the same time he was also the director of the White House Office of Management and Budget. June 6, 2018 Mick Mulvaney dealt what may be a death blow to the value of that organization by firing the agency’s 25-member advisory board,a few days after some of its members challenged Mulvaney’s questionable leadership of the watchdog agency. The members include prominent consumer advocates, academics and industry executives who were concerned that Mulvaney was making decisions about the agency’s future that would directly harm consumers (the very reason why the organization was formed).
CFPB has collected $11.7 BILLION in penalties against banks and large business
The agency has realized more than $11.7 billion in “relief,” meaning penalties and other items like forgiven debt balances, passing the benefits on to more than 27 million consumers.
Mulvaney has no intention of putting consumers above financial firms that cheat them.
“Mick Mulvaney has no intention of putting consumers above financial firms that cheat them. This is what happens when you put someone in charge of an agency they think shouldn’t exist,” Sen. Elizabeth Warren (D-Mass.), who helped conceive of the bureau, said in a statement. Mulvaney trying to eliminate Sen. Warren’s influence on CFPB.
Payday lenders and banks are more important than those being cheated by financial scams.
Payday lenders fought, and lost, a battle to block new federal rules curbing short-term loans that critics say can trap people in cycles of debt, but under Mulvaney that “win” becomes a loss. Mulvaney sides with payday lenders.
Sen. Sherrod Brown (D-Ohio) said: “Mulvaney has proven once again he would rather cozy up with payday lenders and industry insiders than listen to consumer advocates who want to make sure hard-working Americans are not cheated by financial scams.”