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NYC Economic Justice Groups Refuse To Speak To Trump’s Customer Financial Protections Bureau Head

Monday, January 20th, 2020

NYC Economic Justice Groups Refuse To Speak To Trump’s Customer Financial Protections Bureau Head

In its initial conception, the customer Financial Protection Bureau (CFPB) exists to impose oversight on our market so that you, the buyer, do not get grifted by investors and loan providers. Like a lot of other federal federal government organizations, but, the Trump management has turned that concept on its mind. A collection of economic justice groups announced in an open letter that they would not take a seat at the table on Thursday, ahead of a scheduled meeting with the CFBP director.

The federal government established the CFBP this season, because of the passage through of the Dodd Frank Wall Street Reform and customer Protection Act.

The theory would be to protect from another mass meltdown and crash that is 2008-style by managing the non-bank monetary institutions—private education loan businesses, personal mortgage brokers, credit rating agencies, so forth—that have been playing fast and loose along with other individuals cash. Unsupervised, they undertook exploitative and misleading financing methods, tacking on concealed costs and fines, usually unbeknownst to clients. The CFPB aimed to ensure individuals knew what they had been purchasing into, while during the same time maintaining shady monetary methods under control.

When you look at the Donald Trump presidency, exactly exactly what must certanly be a watch-dog that is independent has been co-opted to provide the “interests regarding the economic services industry, abandoning its founding objective ‘to protect customers from unjust, misleading or abusive methods and act against organizations that break what the law states,'” based on a page co-signed by Dora Galacatos, Executive Director associated with Fordham Law class Feerick Center for Social Justice, and co-director Sarah Ludwig, and legal manager Susan Shin regarding the brand New Economy venture. (more…)