Friend,
We’re always talking about the Consumer Financial Protection Bureau here at Allied Progress, but how much do you know about the CFPB’s origins and responsibilities?
More importantly, how much do you know about the Trump administration’s utter failure to fulfill the CFPB’s essential duties?
Take our quiz on the CFPB now! >> [link removed]
Founded in July 2011, the CFPB’s core mandate is to protect American consumers like you from abuse, and ensure financial institutions -- from massive banks like Capital One to student loan servicers -- are playing by the rules.
But since Donald Trump took office, the CFPB has repeatedly failed to uphold its most important underlying purpose: protecting American consumers.
Here are just a handful of ways the CFPB has abdicated its responsibilities:
- The CFPB is considering weakening regulations governing debt collection tactics, which would allow third-party debt collectors to harass Americans with unlimited texts and emails.
- CFPB Director Kathy Kraninger just appointed a student loan industry executive as the bureau’s new student loan ombudsman, a position whose chief job is to oversee the… student loan industry.
- The Dodd-Frank Act imposed mortgage lending reforms in the wake of the 2008 financial crisis, but the CFPB may let those rules expire, which could recreate the conditions that led to the crisis in the first place.
The CFPB under Donald Trump is clearly more concerned with cozying up to financial institutions than defending American consumers from those same institutions' worst abuses.
Test your knowledge: See how much you know about the CFPB, its core mandate, and its current failure to live up to that mandate.
>> [link removed]
-- Allied Progress
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