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CFPB; The Right-Wing Rip-Offs' WORST ENEMY!!!!


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November 28, 2017

 

"Wells Fargo bankers, chasing bonuses, charged hundreds of clients inflated foreign transaction fees, The Wall Street Journal reported Monday.

 

The report comes just over a year since Wells Fargo paid a $185 million fine for widespread illegal sales practices involving fees on 2 million deposit and credit-card accounts opened without customers knowledge.

 

An internal Wells Fargo review in the latest breach showed that only 35 business clients out of about 300 were charged the actual price they had been quoted by Wells Fargo bankers for their currency trades, two employees told The Journal. They heard the conclusions of the bank investigation in a conference call in June, the paper said.

 

Sources told the newspaper that four foreign-exchange bankers have been fired and federal investigators have opened their own inquiry. 

 

The Wells Fargo investigation was part of the bank’s reforms in the wake of the fake account scandal. CEO John Stumpf retired last year after the scandal blew up, but he left with a $133 million pay package, Fortune reported.

 

The news comes amid an upheaval at the federal Consumer Financial Protection Bureau, which President Donald Trump* is attempting now to control with a hand-picked acting director. The CFPB was launched in 2010 by the Dodd-Frank Act to protect consumers in the wake of banks’ subprime mortgage debacle and subsequent economic meltdown. It was the CFPB that levied $100 million of the fine against Wells Fargo for the unauthorized bank accounts.

 

Republicans have long complained that the CFPB is too hard on the financial industry. Now Trump has named his White House budget director, Mick Mulvaney, as the interim head of the bureau after Director Richard Cordray stepped down last week. Cordray had named Deputy Director Leandra English as interim head. English filed a lawsuit Sunday in a bid to block Mulvaney from taking over.   

 

Wells Fargo told the Journal in a statement that it remains committed to its foreign exchange operation, which is now under new management.” If theres a problem, we fix it,” the bank said."

 

https://www.huffingtonpost.com/entry/wells-fargo-foreign-transaction-overcharges_us_5a1cd6d7e4b0e2ddcbb2315a?ncid=inblnkushpmg00000009

 

 

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Sen. Elizabeth Warrens Consumer Finance Protection Bureau is the one Wall Street watchdog completely devoted to protecting Americans from the predatory and abusive financial industry....so, of course, Donald Trump wants to destroy it.

 

Trumps agent of destruction is Mick Mulvaney, the interim director of the CFPB, who previously tried to eliminate the agency he now heads. And, Mulvaney just asked Congress to radically restructure the CFPB to put it under Trump’s thumb, setting up a massive fight.

 

Tell Congress: Dont let Trump destroy the CFPB.

 

Enforcement!!

 

 

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Democrat National Communists - don't like him.

 

"Mulvaney, a conservative who was an outspoken critic of the bureau during his time as a congressman, told Fauxcahontas Warren in a letter sent Wednesday that the structure of the agency, which she helped design, shields him from accountability.

 

“I encourage you to consider the possibility that the frustration you are experiencing now, and that which I had a few years back, are both inevitable consequences of the fact that the Dodd-Frank... Act insulates the Bureau from virtually any accountability to the American people through their elected representatives,” ...

 

 

Fauxcahontas - Trail of Tears...

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Shot in Ass - with own Bow and Arrow

 

Ha!

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1 hour ago, Blue Devil said:

Mulvaney, a conservative who was an outspoken critic of the bureau during his time as a congressman, told Fauxcahontas Warren in a letter sent Wednesday that the structure of the agency, which she helped design, shields him from accountability.

 

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Kathy Kraninger;

UNFIT To Lead The Consumer Financial Protection Bureau

 

"Kathy Kraninger has no record of protecting consumers, possesses no experience in financial regulation, and is "completely unqualified," in the words of one expert – yet Trump has picked her to lead the Consumer Financial Protection Bureau.

 

But don't worry: The American Banking Association and the representatives of payday lenders currently suing the CFPB have already announced they just love her nomination.

 

Kraninger's nomination took everyone by surprise. Currently a White House budget official, Kraninger has no record of sticking up for consumers. In fact, she has no relevant experience at all in finance, regulation, banking, or even leading an important institution like the CFPB.

 

Her lack of qualifications may be the exact reason Trump nominated her. Predatory financial interests clearly see something about Kraninger they like, and Trump has launched a crusade to destroy the consumer watchdog from within. In fact, Kraninger's current boss at the Office of Management and Budget, Mick Mulvaney, is also the acting director of the CFPB and has single-mindedly sought to sabotage the institution since taking over."

 

 

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On 11/30/2017 at 10:17 PM, Craig234 said:

It's a great agency and Republicans as always put their crooked donors ahead of the voters.

 

One more me$$ the Dems will need to clean-up......after Spanky's been jettisoned!!!

 

 

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Trumps CFPB Fines A Man $1 For Swindling Veterans

January 26, 2019

 

"The Consumer Financial Protection Bureau penalized a man $1 this week, for illegally exchanging veteranspensions for high-interestcash advances.” Mark Corbett claimed in sworn statements to the bureau that he had an inability to pay any fine of greater value, and the bureau accepted $1 as payment for making illegal, high-cost loans to former members of the armed forces.

 

Somehow, two other state regulatory agencies, in Arkansas and South Carolina, assisted in the extraction of a single dollar bill from Corbett.

 

This is not the first time, during the Trump administration, that CFPB has taken an inability to pay into account to reduce a fine for violations of consumer protection law. Under the previous acting director, current acting White House chief of staff Mick Mulvaney, this type of reduction was so widespread that it came to be known as the “Mulvaney discount.” The American justice system rarely treats impoverished defendants with such mercy.

 

It’s also completely illegal. Under federal law assigning veterans’ pensions to a third party is prohibited. In fact, several veterans complained to Mark Corbett that the transactions were illegal; according to those veterans, he denied it.

 

These deals effectively operated as loan products, with an up-front payment exchanged for installment payments. For that reason, Mark Corbett was required to inform customers of the interest rate, which he never did, insisting instead in written materials that “this is not a loan. … [Y]ou are selling a product for a set price.”

 

Moreover, after promising to issue the lump sum payment by a set date, the companies would often miss this deadline, sometimes by up to several months, even as veterans signed away their pension benefits."

 

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Stop Scam-Artist Donald Trump From

Rewarding Predatory-Lenders!!

 

"Donald Trump spent most of the State of the Union lying about his record. That's no surprise. He's been lying about his plans for years. In fact, that's how he stayed in business: making grandiose promises to get people to believe in him before they realize it's a scam or outright fraud.

 

Nowhere in the State of the Union did this fraud populist admit to the American people that he just handed a massive giveaway to predatory lenders that trap people in debt. Now, it is up to us to resist his gift to payday lenders and expose Trump's false populism.

 

The dirty secret of the payday lending industry is that there is no money in people repaying their loans on time. The key to the whole profit-making engine, the one that makes lenders Wall Street backers rich, is tricking people into taking out a loan and then locking them into months or years of debt. Charging hidden fees and demanding sky-high interest rates, payday lenders are little more than legal loan sharks.

 

Now, Trump wants to make it easier for payday lenders to exploit people. His handpicked leaders of the Consumer Financial Protection Bureau – first now-acting Chief of Staff Mick Mulvaney and then Kathy Kraninger – have set out to destroy the watchdog Sen. Elizabeth Warren initially proposed.

 

Kraninger just announced the CFPB would rescind the most important part of an Obama-era rule on payday lenders: the part that would force lenders to confirm if someone has the ability to repay a loan, instead of deliberately trapping them deeper in debt to make money off the interest.

 

 

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On 11/29/2018 at 12:55 PM, fourputt said:

This is just the sort of crap these people get away with that hurts ordinary Americans the most. Even Trump supporters should be outraged, this shows how corrupt this administration is.

 

 

On 11/29/2018 at 1:06 PM, Phoenix68 said:

 

Everything's temporary......

 

 

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