Welcome to SpiceShop Theme

Sea summo mazim ex, ea errem eleifend definitionem vim. Ut nec hinc dolor possim mei ludus efficiendi ei sea summo mazim ex.

'Corruption, Plain and Simple': Public Comments Show Outrage at CFPB's Corporate Turn Under Mulvaney

'Corruption, Plain and Simple': Public Comments Show Outrage at CFPB's Corporate Turn Under Mulvaney

After weeks of working tirelessly to dismantle the Consumer Financial Protection Bureau’s (CFPB) ability to defend consumers and roll back its power to punish criminal banks, White House budget chief Mick Mulvaney put out a request for public comment on the bureau’s direction under his leadership.

“The fact that a person who declared the CFPB a ‘sick, sad joke’ has been named acting head of the bureau is a clear-cut example of regulatory capture.”
—Moses Carr

If the overwhelming majority of responses submitted thus far are any evidence, Americans are not at all pleased with the CFPB’s sharp corporate turn.

“I would request that the Consumer Financial Protection Bureau, you know, actually protect consumers instead of kowtowing to banks and other large financial institutions,” wrote Michael Novak, expressing a sentiment that was common among the dozens of comments that have been submitted since Mulvaney asked for feedback earlier this month.

“Clearly, he is a stooge in the pocket of predatory and negligent companies…and is looking forward to lining his own pockets with donations and favors from these companies,” added another commenter, referring to Mulvaney. “Banana Republic-style corruption at the highest level.”

As Common Dreams has reported, Mulvaney’s actions since President Donald Trump controversially placed him in charge of the CFPB clearly indicate that “consumer protection” is not high on his list of priorities. Indeed, the bureau’s new primary objective is no longer protecting consumers—it’s ensuring that consumers “have access to markets for consumer financial products and services.”

Meanwhile, Mulvaney has reportedly dropped probes into Equifax and Golden Valley Lending, a financial institution that has been accused of charging 950 percent interest rates.

Now Americans are getting a chance to voice their opposition to these changes to a bureau that, under its previous leadership, was broadly popular. The comment period ends April 13. Click here to tell Mulvaney what you think about the CFPB under his leadership.

What follows is just a small sample of the more than 70 comments that have been submitted, some of which were compiled by Splinter‘s Libby Watson, who observed that “the public comments so far have been almost exclusively in favor of the CFPB continuing to levy fines against banks.”

Our work is licensed under a Creative Commons Attribution-Share Alike 3.0 License. Feel free to republish and share widely.

kakso

Comments are closed.