The Consumer Financial Protection Bureau (CFPB) is supposed to work for consumers -- NOT predatory lenders.

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Friends --

The Consumer Financial Protection Bureau (CFPB) was established to protect the interests of American consumers. But under Trump, predatory lenders are cashing in -- at the expense of the working poor.

Tell the CFPB to do its job and protect consumers from predatory lenders.

Trump’s ties to the payday loan industry are deep. Payday lenders and their CEOs gave massive contributions, hoping to get in good with his administration. And once Trump took office, they got a great return on their investment. Here are just a few examples of how:

  • ➔ While the acting CFPB chief, one of Mick Mulvaney’s first actions was to suspend a rule requiring lenders to verify that borrowers would be able to actually repay loans before they were dispersed.
  • ➔ After Mulvaney left to become Trump’s chief of staff, current Director Kathy Kraninger took his place. Under Kraninger, the CFPB officially killed the ability-to-repay rule.
  • ➔ The CFPB froze new investigations and dropped a lawsuit against companies charged with running illegal payday lending operations with annual interest rates of up to 950%.
  • ➔ And just recently, the CFPB finalized a new rule that allows debt collectors to bombard borrowers with unsolicited -- and unlimited -- emails and text messages, even as this full-blown recession drags on. This is yet another insult to the many injuries consumers have endured from the agency that was supposed to protect them. And it makes glaringly obvious this administration’s true priority -- their wealthy donors. (Help us fight back!)

Friends, this is completely unacceptable and untenable. In the middle of a pandemic, and the economic crisis it has created, millions of consumers (and the working poor in particular) are especially vulnerable.

Now more than ever, consumers need a CFPB that will actually do its job and fight for them, not predatory lenders’ profits.

Will you add your name to this petition and join us in demanding the CFPB uphold its duty to protect consumers from predatory lenders?

Thank you,

Your friends at Allied Progress


  

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