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Mon Feb 19, 2018, 10:17 AM

The CFPBs Declaration of Dependence

by Jesse Eisinger Feb. 15, 11:20 a.m. EST

In early February, the Federal Reserve delivered its most significant punishment of a major bank in a generation, sanctioning Wells Fargo for its pattern of customer exploitation.

A few blocks away, meanwhile, another of the giant bank’s regulators, the Consumer Financial Protection Bureau, has recently displayed a different attitude: It has been softening on scandal-inundated Wells Fargo. After an edict about data handling from Mick Mulvaney, the man Donald Trump installed as acting head of the agency late last year, the bureau’s enforcement lawyers suddenly found their hands tied, according to three CFPB staffers. The attorneys weren’t permitted to upload information the bank supplied about its auto insurance business, one of the areas in which Wells Fargo has been accused of malfeasance.

Another probe of bad behavior — this one involving Wells Fargo’s treatment of its checking customers — has bogged down, ProPublica has learned. And a third investigation of the bank (for mortgage abuses) that was about to yield tens of millions of dollars in fines, according to Reuters, now languishes unresolved. Staffers fear they will be ordered to reduce the penalty that Richard Cordray, the previous head of the agency, approved before he left, according to people familiar with the probe.

The CFPB’s multifront retreat comes despite a December tweet from Trump — two weeks after he named Mulvaney to head the agency — in which the president proclaimed that “fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped.”


What the criminal enterprise of this "team" currently in this white house and the right wing congress are doing , and what they are now doing to the poor and middle class with this agency is absolutely amazing.

What this asshole Mulvaney is doing, it pisses me off that there are no hearings on what this man is doing, and what the sexual predators team is doing, especially in the article with Sallie Mae now called Navient, and of course the issue with Wells Fargo.

And how a judge that was confirmed by a senate under the leadership of one Mitch McConnell explains everything of what, when and how the political corruption is making this country into a third world estate, when this judge was confirmed


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