Major changes at the CFPB. If we can still call it that?
The Consumer Financial Protection Bureau or CFPB the consumer watch dog responsible for:
Is now being defunded. Coming to its end thanks to the Trump Administration. For the sake of fairness in reporting and the current climate - The links cited in this article range from Bloomberge to Fox News.
Given the American electorate, and its short memory, we have failed to notice we are ALL CONSUMERS. Unless you have been living a Ted Bundy lifestyle for the last 20 years; chances are you have a social security number, attached to an address, linked to a bank account, which you have registered with Paypal and used to buy some widget off Facebook Market Place. At the very least, you are one of the millions of Americans impacted by the Equifax data breach.
So if any of the above is true, the CFPB was made to protect YOU. Even if you pay your bills on time and have a perfect credit score; the organization was made so you could keep that score, not just protect those in financial hardship. (Although it also did a lot of that).
Today, the "populist administration" has opted to dismantle this organization. We will not speculate on the particulars which speak to the intent of this administrations actions. We note that banks sure are happy. Especially the ones that funded Mick Mulvaney, the head of the CFPB, appointed by Trump. After all, less regulation is good for business? And business is good. According to the Center for Responsive Politics commercial banks spent more than $66 Million lobbying congress in 2017 alone. Mick Mulvaney's answer to that spending is as follows: “If you’re a lobbyist who never gave us money, I didn’t talk to you. If you’re a lobbyist who gave us money, I might talk to you.” - Mick Mulvaney
How is the organization being dismantled?
Defunding it / Layoffs - Forbes / FOX News
No tracking of Complaints by YOU! The Consumer - American banker
Changes of its name to change the mission! - Washington Examiner
Out right urges Congress to shut it down - New York Times
I've had my fair share of debates regarding the CFPB with both consumer protection lawyers and creditor rights lawyers. The one thing we can all agree on - regulation is needed. Lawyers representing banks off-record will tell you: "regulation is needed for the institutions to self sustain" - think of the Bear Sterns failure and the 2008 meltdown. Yes, the American electorate has a very short memory indeed.
What can you do? ACT! Call and or write your Senator and House Member!
Don't know who that is? CLICK HERE! - Credit to OPEN:STATES
If you have any questions regarding this article please contact: The Prado Law Firm, LLC.