Trump's Consumer Agency Announces Plan to Let Predatory Lenders Off the Hook

Trump's Consumer Agency Announces Plan to Let Predatory Lenders Off the Hook

Trump's Consumer Agency Announces Plan to Let Predatory Lenders Off the Hook

The North Carolina Coalition for Responsible Lending was active in that fight, supporting a strong rule from the Consumer Bureau that would not undermine strong state consumer protections, like North Carolina's 30 percent interest rate cap for consumer loans.

Specifically, the CFPB plans to publish multiple Requests for Information (RFIs) in the Federal Register, which will ask for comments from the public on "enforcement, supervision, rulemaking, market monitoring, and education activities".

Acting director Mick Mulvaney announced he was launching a review of the entire operation of the Consumer Financial Protection Bureau.

"Millions of Americans will have few other options to cover urgent expenses like rent, a vehicle payment, or a medical emergency if regulators succeed in shutting off access to small dollar loans", said Daniel Press, CEI policy analyst and author of the report. The Consumer Financial Protection Bureau's independent funding structure has been key to its success, which in just six years has returned almost $12 billion to more than 29 million impacted consumers. "Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process". The first request asks for complaints about the bureau's civil investigative demands, a type of subpoena the bureau uses during enforcement actions.

The announcement came the day after the bureau said it would consider revising or repealing regulations that were created to protect consumers against harmful payday lenders.

Jabo Covert, vice president of government relations for the Cleveland, Tenn.,-based payday lender Check Into Cash, welcomed the CFPB review of the pending payday lending rules, although he said Check Into Cash and others in the industry are still having to prepare for the change in rules next year.

Mulvaney took over as acting director after the bureau's first leader, Richard Cordray, stepped down in November to pursue the Democratic nomination for governor of Ohio.

Sens. Warner and Kaine have urged President Trump to swiftly nominate a permanent director of the CFPB who will put working families ahead of Wall Street.

The Consumer Financial Protection Bureau will solicit wide-ranging commentary on its mission from the public and companies, the agency's acting director announced Wednesday.

16, announcement from the Consumer Financial Protection Bureau indicates it will ease the regulation passed in October despite a massive lobbying campaign by the industry. Since November, Mulvaney has worked two jobs for Trump, keeping his job as the budget director at the White House and also leading the CFPB. "That being said, we're going to run it differently than the previous administration".

English filed her appeal on January 12, and it is unclear when the court will review and rule on this case.

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