Monday, March 30, 2015

Consumer Financial Protection Bureau on the job

From Daily Kos:

...The payday loan proposals we are discussing come out of an agency established by the Dodd-Frank law that sought to regulate the financial industry after the crisis of 2008. Republicans have hated the Consumer Financial Protection Bureau (and Dodd-Frank in general) since it was born. They sought to prevent it from ever even functioning, and, as Elizabeth Warren noted, their current budget makes clear they still want to defang it, "to make sure the watchdogs are tame." Imagine that. Republicans don't want to protect consumers against interest rates that can go, according to current law in many states, north of 400 percent. They say it's about freedom and personal responsibility, and complain that government should just get out of the way...

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