Today the House of Representatives will vote on whether to impeach President Trump. If it votes yes, sometime early in the new year I will take an oath on the Senate floor to uphold the Constitution, review evidence and follow the facts wherever they lead, regardless of party or ideology. Every one of my colleagues will be required to do the same.
For most people, life feels better when there is something to look forward to. Whether looking forward to graduation, the arrival of a new baby, or retirement that affords a few years to just enjoy life – these kinds of things make going through challenging times somehow more manageable.
Every year the payday lending industry convenes in an effort to further expand and preserve the combined $8 billion-dollars in fees generated each year by consumers caught in that and car-title loans. This year, 2019, also marks the second consecutive year, that the organization representing sellers of these debt-trap loans, the Community Financial Services Association of America (CFSA), has held its event at the Trump National Doral resort in Miami.
In her first news conference as a Senate-confirmed Director of the Consumer Financial Protection Bureau (CFPB), Kathleen Kraninger’s remarks sounded a lot like Mick Mulvaney, her former boss at the Office of Budget and Management (OMB).
The 2018 poll, conducted by Lake Research Partners and Chesapeake Beach Consulting, found that among respondents more than 90 percent viewed regulation of financial services to be very important, and registered support across partisan affiliations. Among Republicans, 85 percent supported regulation, compared to 92 percent of independents and 96 percent of Democrats.
The unfortunate result for citizens is that we’re just not getting any value from this key office these days. The Dodd-Frank Consumer Protection and Wall Street Reform Act is clear as to the responsibilities given to CFPB. Under the previous director, billions of dollars were returned to consumers for a host of illegal and deceptive acts by predatory financial institutions. These achievements were accomplished with the support of a dedicated staff.
An important consumer protection rule that was to take effect January 16 is now being “reconsidered” by the same agency that was to enforce it – the Consumer Financial Protection Bureau (CFPB). After years of fierce advocacy that drew bright lines between a predatory lending industry and a coalition of concern that looks like America, a rule was announced in 2017, designed to ensure that loans only went to consumers who could afford to repay them. The rule also curbed triple-digit interest rates on small dollar loans like payday. The new announcement came on the watch of Mick Mulvaney who
“The President’s ‘stop deciding to be poor’ approach to the budget is a fundamental misstep that would permanently cripple the most vulnerable communities in the short run and erode our country’s international leadership in the long run”