• Ex-payday lending CEO once investigated by CFPB applies to be its director
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[url]https://apnews.com/8ed9d74512e646ff8449732930323240[/url] [quote]The former CEO of a payday lending company that had been under investigation by the Consumer Financial Protection Bureau has asked to be considered for the top job at the watchdog agency, The Associated Press has learned. Such a request would have been extraordinary in the years when the agency was run by an Obama appointee and often targeted payday lenders. Along with recent actions taken by the CFPB, it suggests a cozier relationship between industry and regulator since the Trump administration took over in November. Under Mick Mulvaney, Trump’s budget director and acting director of the CFPB, the bureau has taken a decidedly friendlier approach to the financial industry including cutting down on enforcement and dropping investigations or lawsuits against payday lenders and other companies. It has also proposed to revise or rescind many rules put into place by Richard Cordray, the first permanent director of the agency, including some that would have put additional restrictions on payday lenders.[/quote] She really goes far even as decided to use the investigation into her company as relevant experience for the job: [quote]“I have indepth (sic) experience of what a CFPB investigation is like, and so I am in an unparalleled position to understand the effect of various CFPB actions on a company, its workforce, its customers and the industry,” she says.[/quote]
It's a rather bold strategy but I've seen worse ideas.
The CFPB has ceased to function under the Trump admin, basically. Until sanity is restored to the Cabinet, don't expect anything out of the CFPB except cronyism.
[QUOTE=elixwhitetail;53184449]The CFPB has ceased to function under the Trump admin, basically. Until sanity is restored to the Cabinet, don't expect anything out of the CFPB except cronyism.[/QUOTE] I believe SCOTUS had to rule that the EPA has a mandate [I]to do their job and protect the environment[/I]. It's sad it had to come to that but it might have to happen again with more agencies.
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