httpss://www.youtube.com/watch?v=WEDIj9JBTC8
If you have a credit card, mortgage, payday loan or do any type of consumer financing, expect to be hurt by President Donald Trump’s plan to gut the Consumer Financial Protection Bureau – a controversial but effective industry watchdog.
Mick Mulvaney, director of the Office of Management and Budget, is Trump’s pick to run the consumer bureau.
Assuming the Trump regime takes command, it’s pretty clear it won’t be business as usual at the bureau anymore.
The bureau also fined Citibank and Bank of America for marketing unwanted credit card come-ons like identity theft insurance.
The bureau backed rules ensuring lenders market loans more honestly instead of hyping exotic notes with low teaser interest rates that fueled the worst abuses of the previous home mortgage crisis.
The argument can be made that the bureau’s activism and rules are helping to build consumer confidence and encouraging more customer spending and lending.
Politically, Trump seems deeply determined to erase anything connected to former President Barack Obama’s era.
The Consumer Financial Protection Bureau was one of the solutions to emerge from that extremely difficult and damaging time.