How Trump’s Swamp Is Taking Over The Consumer Financial Protection Bureau
The Head of the CFPB resigned and now there’s a battle for the job. Cenk Uygur, and John Iadarola the hosts of The Young Turks, break it down. Tell us what you think in the comment section below. https://tytnetwork.com/2017/11/27/trumps-nominee-for-bank-watchdog-received-large-sums-from-banks/
“Employees at the Consumer Financial Protection Bureau returning to work after the holiday weekend are being met with a bizarre and unconventional scenario: There are two people claiming to be their boss.
Director Richard Cordray, appointed by President Obama as the first person to run the agency, resigned effective Friday. Now a battle is brewing over who is in charge in the wake of Cordray’s exit. President Donald Trump said Office of Management and Budget Director Mick Mulvaney — an avowed opponent of the agency — will be in charge in the interim. But before leaving, Cordray designated Deputy Director Leandra English to fill his spot until a permanent replacement is nominated and confirmed.
The standoff — the subject of a lawsuit filed in federal district court on Sunday — is the latest chapter in a long, politicized battle over the bureau’s direction and even its existence since its 2011 inception.
Originally proposed by now-Sen. Elizabeth Warren (D-MA) and created under Dodd-Frank financial reform, the CFPB seeks to protect consumers by making consumer finance rules more effective, enforcing those rules, and keeping consumers informed. Its jurisdiction includes banks, credit cards, payday lenders, mortgage lenders, and debt collectors, among others.
It has created new rules governing the mortgage industry — such as an ability-to-repay rule that requires lenders make sure their customers can pay them back, to safeguard against a repeat of the financial crisis — and has put in place protections for prepaid account consumers, including limitations on losses and free access to account information. It has also launched a “Know Before You Owe” initiative to make information about financial products and services more understandable and easily available to consumers.
The CFPB has for years been a partisan flashpoint. It took years of political wrangling to even confirm Cordray in 2013. Republicans have long sought to kneecap the bureau or abolish it altogether.”
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Hosts: Cenk Uygur, John Iadarola
Cast: Cenk Uygur, John Iadarola
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