New CFPB director puts target on payday loan rules

[Eugene]

Source: The Hill

New CFPB director puts target on payday loan rules

BY SYLVAN LANE - 01/17/18 08:33 PM EST

The new leaders of the Consumer Financial Protection Bureau (CFPB) are taking the most significant step yet toward unwinding rules panned by the finance industry and the GOP.

The CFPB announced this week that it would delay compliance with new regulatory rules for short-term, high-interest loans, commonly known as payday loans. The agency said it is considering how to roll back those rules.

The reassessment is part of acting Director Mick Mulvaney’s broader push to rescind the bureau’s most aggressive regulations and refocus the agency’s work on promoting consumer freedom.

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Mulvaney’s move is a 180-degree turn from former CFPB Director Richard Cordray, who saw it as his mission to enact protections for vulnerable consumers.

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Read more: http://thehill.com/policy/finance/369465-new-cfpb-director-puts-target-on-payday-loan-rules

[Bluepinky]

1. Consumer freedom is Trumpspeak for allowing loan sharks to bleed their customers dry.

Personal responsibility and freedom of choice in health care is Trumpspeak for “Die all you sniveling peons.”