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CFPB getting destroyed from the inside
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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CFPB getting destroyed from the inside
https://www.huffingtonpost.com/entry/trump-installed-consumer-agency-head-sets-hiring-freeze-halts-new-rules_us_5a1ce277e4b04e8b2a83f0e4?ncid=inblnkushpmg00000009
WASHINGTON (Reuters) - The fight for control of the U.S. consumer watchdog agency intensified on Monday as Mick Mulvaney, President Donald Trump’s pick to run the Consumer Financial Protection Bureau (CFPB), imposed a hiring freeze and halted any new regulations.
In a partisan showdown over the CFPB, which was created to crack down on predatory financial practices, Mulvaney is being sued by Leandra English, an Obama-era appointee to the agency who argues that she is the consumer bureau’s rightful leader.
The conflict began on Friday when Richard Cordray, a Democrat appointed CFPB director by then-President Barack Obama, formally resigned and named English, his chief of staff, as acting director. Hours later, Trump named Mulvaney, the current director of the White House budget office, as temporary head of the CFPB.
Mulvaney, who sought to dismantle the CFPB when he was a Republican congressman, acknowledged at a news briefing on Monday afternoon that the Trump administration had a “dramatically different” interpretation of the 2010 Dodd-Frank law that created the CFPB.
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The sheer number of authoritarian power-grabs going on in this administrations is mind-boggling.
Every single thing he does has been to harm the middle and lower class....
Bush Jr. may have been incompetent, but he wasn't malicious. Nixon might have been malicious, but he wasn't incompetent. We know have the worst of all worlds, and he's 100% beholden to the highest bidders, and himself.
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Posted 11/28/17 8:59 AM  |
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Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
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Re: CFPB getting destroyed from the inside
The head of the CFPB is a President appointed position. Not sure why this is a power grab. The CFPB has a purpose. A good one in my opinion. The way it was set up with lack of governance and control has been a long known issue on both sides. The republicans have more of an issue since it was democratically controlled. It will be interesting what gets uncovered if they do a full audit. Dodd-Frank was what created the CFPB. It needs to be reformed in order for our economy to grow. Pulling it back helps small businesses as well as individual consumers.
The CFPB will exist in some form going forward. If the Dems wanted to hang on to control for awhile longer Cordray never should have stepped down. Or he should have know that he just couldn't appoint someone.
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| Posted 11/28/17 11:59 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: CFPB getting destroyed from the inside
Posted by Jenhos
The head of the CFPB is a President appointed position. Not sure why this is a power grab. The CFPB has a purpose. A good one in my opinion. The way it was set up with lack of governance and control has been a long known issue on both sides. The republicans have more of an issue since it was democratically controlled. It will be interesting what gets uncovered if they do a full audit. Dodd-Frank was what created the CFPB. It needs to be reformed in order for our economy to grow. Pulling it back helps small businesses as well as individual consumers.
The CFPB will exist in some form going forward. If the Dems wanted to hang on to control for awhile longer Cordray never should have stepped down. Or he should have know that he just couldn't appoint someone.
The rules ARE that the the deputy takes over when the head steps down. If you override the rules, you ARE making a power grab.
The president appoints the permanent director, but it's written in the procedures how things are supposed to happen when the director steps down.
Dodd-Frank is what's keeping large banks from predatory loans, and other bad practices, which is what caused a lot of the Recession. Cutting back the CFPB will benefit the huge banks, and put small businesses and small borrowers at risk again.
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| Posted 11/28/17 1:38 PM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
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Re: CFPB getting destroyed from the inside
The president did appoint the permanent director.
As for Dodd-Frank, post crisis it had a strong purpose and it did what it was supposed to. As the economy has recovered we need to loosen some of the lending. Small businesses as well as lower income consumers and young people suffer under Dodd-Frank. Because they have less equity and shorter credit history or small salaries it is harder for them to get loans and mortgages.
The CFPB also has a purpose but it is completely unregulated and there is no oversight into the practices that the inflict on the bank (some of which cost the banks a lot of money). I sit down with them monthly. even people at the CFPB will tell you that their needs to be more oversight.
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| Posted 11/28/17 3:29 PM |
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LIRascal
drama. daily.
Member since 3/11 7287 total posts
Name:
Michelle
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CFPB getting destroyed from the inside
I think that the overarching theme here is deregulation. In short, we see what that did to the airline industry less than 40 years later, in addition to the massive deficit incurred during the age of excess-1980's
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| Posted 11/30/17 2:09 AM |
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