Forget about erasing Obama's legacy these criminals want to erase FDR's legacy
6
Yes sounds like a wonderful company!
https://www.consumerfinance.gov/about-us/newsroom/cfpb-files-suit-agains...
"Yes sounds like a wonderful company!"
Assuming you are being sarcastic, you have been taken in by the CFPB's *allegations*, which are clearly identified as such in the press release you linked.
Read the last sentence:
"The Bureau’s complaint is not a finding or ruling that the defendants have actually violated the law."
2017-12-07 04:46:29 UTC
1
Another totally disgusting behavior by this administration.
Again, it shows how much Trump administration wants to shield those who cheat the average and low income Americans.
Robber baron era, 21st Century style.
8
Clearly a judge agreed with the CFPB. The agency's new acting director changed course abruptly in mid-stream and that is plainly wrong. If a company has violated the law, it should be prosecuted. Ditto an individual. This should be based on law, not the whim of the Trump administration.
4
Mulvaney can't do a good job, no matter his objectives, at both places. But competence is seen as a detriment in this administration. Destruction and protection of wealth are the only values.
2
The swamp has never been deeper...
8
Tiny little man is out to destroy everything decent and beneficial just to boost corporate America’s wealthiest. When America wakes up and discovers what he has done it maybe too late.
2
This why we have such a sharp divide in the country. A judge determines that a mortgage company essentially defrauded 100,000 people (do some Googling into what actually happened in this case), and orders remedy for those people. Then someone is appointed to the agency that has gained redress and cancels it on the basis that the company is over-regulated. I am absolutely clear on whose side I take in an attempt to punish those who take financial advantage of consumers and commit fraud. The other side feels it has the duty to obviate that and similar results.
I will not take personal responsibility or blame for my part in the political divide in circumstances like these and others. I will stand up for, vote for and speak out for what is moral and fair, and for the role of government in defending my economic well being against fraud and crime in the same way that it protects my physical well being through police and defense forces. I will not take responsibility for the greed and amorality of the other side of the divide. If they insist on behaving in this way, I want them on the other side of the wall and at a distance from me.
3
Trump's "populism" was a total fraud. His deplorables will probably be hurt worst of all by his actions.
1
There must be some kind of “Most Hated Person in America” competition going on in the White House Swamp that pits the president and all the cabinet members against each other to see who can do the most damage in the area where they have been randomly assigned in the shortest period of time.
2
Letting the fox guard the hen house. Letting the wolves guard the sheep fold. Letting the snakes guard the baby crib. Welcome to the gutting of the USA. Bye bye american empire.
13
Cordray used public money to construct a palace for his bureau in Washington, was accused of discrimination against minority and women staffers and has a case against him under review by the Federal Appeals Court for abuse of authority. The House Financial Services Chairman Jeb Hensarling has identified “contumacy” on behalf of the Director in his refusal to answer a Congressional subpoena. Over a year had passed since the Committee requested records from the Bureau to facilitate an investigation, to which no answer had been forthcoming. Yeah, this is just the type of guy we need serving the public. More like serving time instead.
8
With all of his appointments and nepotism, Trump and his administration are, in effect, attempting a coup. With the backing of creepy funders such as the Koch Brothers. One thing proving this out is the way all of these appointees are acting in the complete opposite of the interests of the majority.
GOP is organized crime.
15
“Well, Doctor, what have we got—a Republic or a Monarchy?”
“A Republic, if you can keep it.”
Benjamin Franklin 1787.
Apparently, we can't.
10
One very good thing the new director is doing is seeing where all the money that had been collected from fines went. Seems much of it when to various liberal and democrat causes and companies. Perhaps that's why Warren was so insistent to keep him out of there.
6
...and you heard this from....? The reality is Mulvaney has long been complaining about "bureaucratic overreach" with the CPFB, with no examples of it offered for public view or explanation. A big
ger question is how is he going to handle both of the jobs he now holds? As head of the OMB, there's no way he can adequately manage the CFPB, too. It's another example of the Trump administration's government by ignorance and ineptitude: load up a government agency with responsibility with too few people to do the job required. Look at the State Department for another case, as well as, the heads of departments with ideas and philosophies totally opposed to the missions of those departments. Look at Kushner, of the broad portfolio, creating messes wherever he goes. Look at TRump, himself, so far out of his depth as POTUS that it'll take a generation or more to fix what he is breaking on a daily basis. My statements may seem hyperbolic, but this administration, coupled with the GOP majority in Congress, is single-handedly undermining our country and its place in the world.
1
There will be no money collected going forward. No one actually believes that this person is going to protect any consumers.
1
If you look at this from the perspective of Wall Street or a terminally narcissist executive, no other result should be expected. The tax 'reform' is designed to benefit real estate developers, and other disclosures--from Flynn's involvement with Mideast nuclear plants to the effort to remove sanctions against Russia--all confirm that Trump literally has no conception of the general interest, much less of public service. Government exists to advance the wealth of oligarchs, whether by redistributive taxes or other, indirect means. . . . such as a vulnerable national directory of voters, that will facilitate foreign hacking. Viewing past executives as a species, Trump is a mutated form that endangers both the species and trust in government. And despite
the conservative orthodoxy, government is not a necessary evil, but a necessary agent for civilized society.
3
I believe Republicans in national office will be decidedly trounced in coming elections, but the damage being done now will be long in repairing. Ruining the Consumer Bureau is only malicious, showing a disdain for ordinary consumers.
13
More of reagans putting the criminals in charge of watching themselves.
8
It is amazing to realize that the Trump Republican party believes that the rights of con men, sexual predators and pedophiles, and racists are protected over the average American.
15
Just a quick note to the “Bernie Bros” and others who insisted that there was no compelling reason to vote for Clinton rather than Trump, seeing as how Clinton was so “establishment.”
Still feel that way, guys ‘n’ gals, as you watch this execrable administration hand goody after goody to the rich, tear down environmental regulations, destroy the open internet, inflame white-nationalist passions, surrender global moral leadership, etcetera, etcetera, etcetera?
Elections have consequences.
24
America may need to hit bottom before it gets it's act together. Voting for Trump because you wanted to 'shake up the system' was an irresponsible act, which anyone with eyes or ears can plainly see.
7
What a guy! Terrible record. Bad on everything except kowtowing to Trump who almost let him go. Now he’s rejuvenated in the service of his master, servile to the vile inhumane Trump. It’s all part of the self interest and personal greed. Will anyone in the Trump administration not be richer when they leave? No! They are void of care for Americans. Conflict of interest, emoluments clause violations of the US Constitution, obstruction of justice, morally corrupt and more is what the Trump (with Bannon in his ear as his hate and racism coach) and the GOP represent. Bad on consumer affairs too.
6
The GOP testosterone addicts will invent new ways to plunder our savings, and require that we spend more in taxes and requirements to satisfy their greed. This is about stealing our wages even as we try to save, in order to maintain a moderate life.
They are making us into vulnerable victims, where we have no say, and
little independent decision. We can expect a war to unfold soon which will
reduce the population, cause more deaths and injuries -- and leave more
on the table so the trump robbers can eat up what's left after the military
culls the herd -- or drowns us in the bathtub. All after we have dedicated ourselves to 60--70 years of work, believing we finally earned retirement.
Then find out Medicare is stopped, more people die, and GOP schemers ican steal what the dead or dying cannot use. Morbid GOP in action.
5
That last quote probably should have read, "businesses that help consumers separate themselves from their money".
1
The shift in direction brought about by Mulvaney will result in more litigation of cases that could have been resolved under the CFPB. The main problem with that is that corporate interests generally have deeper pockets that those who claim to have been harmed by those interests. Joe Citizen versus Big Bank will result in a bank win at least 95% of the time, especially given the boilerplate contracts that big corporations make us all sign. Look for the permissiveness of abusive behavior fostered by Trump and his people to become endemic. It will also extend to environmental considerations, labor controversies, and anything else the Republicans find objectionable.
Quite the populist, that Mr. Trump.
6
Democrats, are you paying attention? I assume we're going to hear a lot about the CFPB next year, right? Standing up for the consumer? For the little guy? Whom you represent, right?
6
Greed Over People 2017
Republican mental illness for a brighter, whiter, bankrupt society.
Americans who vote Republican really seem to enjoy getting abused.
37
Hate Mulvaney, but why did Cordray quit?
Gorilla Bob
2
He quit because we have lame Democrats at the helm that did nothing.
2
He's running for Governor of Ohio.
1
Drained the swamp, replaced it with a septic tank
19
It is impossible to predict the damage tdump, his cronies and right wing nuts in congress will do to this country.
17
Times: "... Mr. Lipsky’s lawyer overnighted a personal appeal to Mr. Mulvaney, pleading her client’s case."
Times: '“I don’t want anybody to say Mulvaney was swayed one way or another by somebody who sent him a FedEx package,” he [Mulvaney] said.'
Doesn't the CFPB have a formal appeals process?
If not, the Times should explain why. If so, the Times should explain why lawyers are mailing "personal appeals" to the director.
2017-12-06 15:49:01 UTC
6
A feral rabid wolf is now in charge of protecting a flock of lambs!
7
Mulvaney is bad news. This is the decontrol, and lack of ethics that let the banking fiasco happen. This is the exact kind of guy that will enable BofA creator of more fake chafes than anyone to again and continue to open accounts and charge customers account fees the bank admittedly opened fraudulently. This is what allowed Wells Fargo to do the same. This is the mindset that created the Wall Street fake basis product created by bundling bad real estate mortgages and selling as an investment. They had pizza delivery men with mortgages stating $100,000 income, all bad paper pushed by banks. Credit card companies did the same kind of stuff. Trump GOP personal gain train with Mulvaney a new conductor of practice of self interest and personal gain. Like former NY Mayor Michael Bloomberg said of Trump and o quote exactly, “I’m from New York and I know a con when I see one”.
Americans should be mad as hell.
Bannon is pushing Trump in blue state hate, really hurting people here and around the world. Greed, racism and hate are the mantra of the godless fake non Christians in the GOP Pence, Ryan included!
10
Another mess that the Democrats will have to clean up when they return to the majority. This cycle is becoming tiresome. And the right will start screaming about the deficit again.
18
A black man had to clean up the piles of excrement (including 2 wars) that a rich white man left. The next time it will probably be a woman (Elizabeth Warren) who will have to clean up massive messes left by another rich white guy. A black man and a white woman cleaning up after rich white guys. Nothing new.
15
When and if the major internet provider services are un-monopolized then we can believe any federal watch dog(s).
My junk Comcast is 100 bucks a month. In the UK it costs 20 pounds (about $30) a YEAR! What's wrong with this picture?
17
"My junk Comcast is 100 bucks a month. In the UK it costs 20 pounds (about $30) a YEAR! What's wrong with this picture?"
1. The CFPB doesn't regulate cable companies.
2. There is a TV tax in the UK.
3. You failed to say whether the services are *exactly* the same.
4. You failed to say whether Comcast has any competitors in your area.
3
Under Trump and Republicans, the role of all appointees are to shut down the agencies they are appointed to, period. May they all serve life jail sentences and be stripped of their geometrically growing selfserving booty!
15
This is more than just dismantling "consumer protections". This is the shot over the bow that the fleecing of America is being encouraged, if not supported. It fits the current Republican model of "ripping off" and "scamming" of America as a way of life and legitimate way of doing business. More than that, you can also expect those principles to be enforced against the American consumer.
14
what good is money if it can't buy people?
7
When will our corporate overlords begin the process of grinding up the unwashed masses into dog food to help big business' bottom line? The ultimate end game for amoral capitalism.
16
The president and supporting Republicans are bent on taking apart governing institutions Years of hard won social gains are being lost. I am so saddened.
26
Dear Nancy, Prepare for more sadness. This is just the beginning.
5
Interesting point in some article today, Trump voters just admire people who break laws..
good god, where can I go to escape this idiocy?
19
Let us know when you find the place, we want to escape too. This is all republicans working under Koch dogma to end democracy, end social programs, and return to a feudal state.
1
We'll soon be hearing the familiar jingle--"Nationwide is on your side." A new injection of life into a crooked insurance company.
10
The majority of people who voted for Trump are the people who will be hurt most by the lack of protection here and in the long-run, by the tax bill.
It's very disturbing that so many people can be duped in this way. I don't even want to think of what's next. I guess this is how totalitarian regimes start.
23
The easiest to fool are those who are convinced they are too smart to be fooled. Trump convinced his voters they were smarter.
4
Just since hamstringing the agency was first bruited in May, we have noticed a flood of robocalls and card offers.
These people think they're going back to the days of $35 late charges for a $125 payment made "after 8AM" on the due date, and presented to the sender's checking account on that date.
Or easy minimum payments that will never reduce the principle.
As for hurting small banks: nuts. My local bank is thriving. It does not charge ATM fees and its credit card accounts treat customers reasonably. My local S&L services its own mortgages.
The way to resist is to for consumers to keep in mind that greed can't exist without gullibility.
As for "class war" - if it weren't for envy their entire crackhead "never enough stuff" economy would stumble to a halt.
12
Judge Timothy J. Kelly who ruled in favor of Mulvaney taking over the CFPB is a trump appointee who assumed the bench just last September. He and others appointed by trump were chosen for the very reason that they are partisan, hard right, and will do the bidding of this administration.
This is just one example of more to come. Anything that serves the interest of the American citizen as opposed to mega donors, banks, large corporate entities will be decimated or destroyed. Wells Fargo and Wall Street have now been given the green light to fleece us at will.
The tax heist republicans just engineered is only the beginning. If we don't put a stop to this in 2018, the financial melt down of 2008/2009 is going to look like a mere hiccup compared to the storm brewing. The sheer corruption and malfeasance of every single republican who've completely lost any shred of decency is on full display, along with their contempt for us regular folks. I am beyond outraged.
28
The Koch machine has bought the judiciary too;how do republicans keep winning? Because Koch money buys candidates, elections, pays for campaign ads and smears, and now owns all republicans who have to sign a pledge on climate change;that's why all republicans are climate change deniers,they are paid to say it.
3
Dumbledore's Army... wow. This agency employs children. Some aspects of the CFPB are valuable, but it's power to shake down business with expensive lawsuits is excessive. "Nice business you've got here... It'd be a shame if I drop this lawsuit on it. Don't worry, a settlement (bribe) could ease your troubles."
3
Let me write all future press releases and talking points of the agency. The Consumer Financial Protection Bureau has investigate and found no wrong doing by ____________.
8
Greed and selfishness are the coin of the realm in this administration. Infuriating and depressing.
11
I work for the Federal government. The bureaucracy is a hierarchy which follows top down direction. If someone in the Federal bureaucracy has significant disagreement with his/her leadership to the extent that they can't follow direction the principled thing to do is resign. To "resist" or undermine the direction of duly elected and appointed leadership is to betray a public trust. Democracy is built on the integrity and honesty of those who serve the government.
5
and an illegal order should not be complied with. You sound just like the soldiers "following orders" who massacred civilians in Vietnam.
7
If 'integrity and honesty' are necessary of those who serve the government (the people), as I agree they are, then our only real hope may be that these principles somehow trickle up to the appointees of this administration, which has given us a demockeracy.
5
Disagree. Obeying a destructive order IS A BETRAYAL OF A PUBLIC TRUST. German pilots refused to fly refugees in their country back to Afghanistan because someone in their hierarchy decided Afghansistan was suddenly safe. These pilots did the right thing, refusing to take these people to certain death. You don't comply or resign, you speak out. If you don't, then you are part of the Koch machine destroying democracy every day.
1
Not only has the consumer watch dog lost its bite, it has rolled over and is getting a belly rub.
28
And lots of bones thrown in their direction.
1
The barbarians are no longer at the gate. They're sitting in the corner office.
54
The only thing that gives me an ounce of hope is the thought that Mulvaney can't change the structure of the institution and so, barring any rewrite from an inept Congress, the CFPB should still be intact when these dark days have passed.
8
How and when will these dark days pass when these democracy killers were installed in the federal government as trump's administrative team and the Koch machine buys the judiciary. I'm afraid this is bigger and much worse than we realize.
2
Yes, there really doesn't need to be a government agency that investigates companies that dupe millions of consumers. The company is always right. He loved Big Brother.
17
Mr. Mulvaney believes this firm be "lawful and helpful to consumers", despite being found guilty of misleading 100,000 mortgage holders and being fined $8 Million by a judge?
What are we to make of this? Well, its really quite simple - Up is Down, Black is White, and the GOP is looking out for the midle / working class.
43
The best course of action would seem to be for Mulvaney to start firing as many people as possible in the group. Getting rid of the faithless Obama staff would pay many dividends.
2
Last time I checked, the agency was called the Consumer Protection Bureau and unless things of changed the name remains Consumer Protection Bureau and not big business protection bureau. It would require an act of Congress to dismantle the CPB. I can’t think of a better way to keep big business honest.
15
What a corrupt mess. Everything Trump touches turns dark and evil and the Republicans sit back, watch, and do nothing. Sadly we should all be in the streets trying to take our country back but we are lazy, very ignorant or part of the romp. We will pay for this failure for a very, very long time.
34
Obama created this agency in order to shake down large corporations and transfer the fines to leftist groups. Shut it down.
4
And the moon is made of green cheese.
6
Joe,
Leftist groups? You mean the 29 million American consumers that got their stolen money back?
You should try joining mainstream America. It's a place where, when you get financially abused by Republicans, and Big Banks have their way with you, you won't actually enjoy it.
15
Hi Joe, I was wondering specifically which "leftist groups" you are referring to. I've gone online and checked and I can't find any evidence of that, so I would appreciate it if you can share your knowledge. I'm sure there are other readers who would benefit as well.
Thanks for your help!
8
This article portrays a terrifying image of the CFPB, even though the tone of the article is showing concern over the appointment of Mulvaney.
Look at this sentence talking about the CFPB historically, "The agency often took an aggressive stance toward regulating and punishing businesses. "
An independent agency which can institute rules towards businesses that are, in effect, requirements on businesses took a stance to both regulate AND punish businesses - which are cooperative private efforts by individuals or groups. Not just a stance, but an aggressive stance.
And this agency and it's incumbents are both trying to undermine the will of their current executive leadership and to hide inter-agency actions.
Does this not concern the Times? This is a terrible precedent. The idea of being a nation of laws, as it applies to the executive branch in particular, is that the government itself must follow them including a peaceful transition of power and following new leadership - even when you don't agree with the new leadership. And if you don't agree to the point you won't execute, you resign.
In regards to all of Mulvaney's moves announced here, every single move sounds like the typical new executive planning a turnaround: All current actions are put on hold as they are re-reviewed. They might be maintained, or they might be reversed.
That "hold" period is definitely a sign of planned change, but is not necessarily a sign of a dramatic shift in direction.
4
Well yes, except for the fact that Mulvaney has publicly asserted his believe that the agency in question has no reason to even exist. There's no "turnaround" intended here, there's every move to make the agency irrelevant until such time as Republicans can overturn the legislation that brought it into being.
5
Duh.
This is what this administration does, they demolish the institution to which they appoint people.
They appoint people- to institutions they have publicly disparaged.
The appointee, does the bidding of the President despite the protest of the career men and women who have served we the people in those positions.
"War is Peace, Freedom is Slavery, Ignorance is Strength"
You will pay the fees on your fraudulently opened bank account, you will drink the stream water filled with pollutants, you will breath the air filled with toxins, you will subsidize private jets, and by god- if you had fun, don't forget to stay at a nice Trump Property.
Welcome to the Kleptocracy.
62
why on earth did cordray resign in the first place?
He knew what would happen.
8
Career move: he's a candidate for governor of Ohio.
2
Another victory for the well-funded financial lobby. After turning thousands out of their homes with deficient and illegal foreclosures, the banks and insurers want to keep ripping off consumers with predatory auto and student loans. The path is clear.
15
Let’s see...Nationwide was given penalties of 8 million dollars for misleading 100,000 customers? Wow, that’s $80 per customer! Wonder how much it cost the government, both in Bureau & court costs, to bring in such a whopping penalty? Betcha it was considerably more than 8 million.
1
The next banking fraud fuel depression is coming. This one will be a real show stopper.
9
So it will take a 2008 redux to jar voters back into reality?
9
Just another reason to give thanks to the Great American Gullibles who used everything but their mind to make their decisions. Suggested reading for those Gullibles who can be bothered: the lyrics of "Won't Get Fooled Again" by Pete Townsend.
3
I'm no capitalist, but I'm considering going into the pitchfork business.
26
Mr. Trump and his party are not looking out for ordinary Americans. Their disdain for us is palpable.
14
'a lighter touch' - the same verbiage echoed by Ajit Pai in his quest to roll back net neutrality is a euphemism for letting the looters run a muck
“No one man can terrorize a whole nation unless we are all his accomplices.”
― Edward R. Murrow
22
The US has apparently joined Russia and China in suppressing internal dissent, normalized corruption, kleptocracy, and abandoning any pretense of a representative democracy.
27
I recommend changing the name from the Consumer Financial Protection Bureau to the Financial Predator's Enabling Unit. Mulvaney is helping a company who bilked poor people to operate with impunity for their past actions, but then what can we expect from an apointee, of the president of Trump university.
35
The president leads the executive branch. The president must be allowed to enact his policies, especially in the executive branch. Resisting the president and his duly appointed representative undermines the election. The regulators who served under President Obama surely favored his policies, but President Obama and his administration set the polices. Now we have unelected bureaucrats setting their preferred policy in contravention of the President of the United States. No matter what one think's of President Trump's policies, surely there can be no debate that he leads the executive branch. The lede has been buried.
1
" The president must be allowed to enact his policies, especially in the executive branch."
Mitch McConnell and his ilk beg to differ. How do you spell Neil Gorsuch.
3
There's a weasel guarding the hen house. All of us consumers are about to end up in the soup.
16
Are are people really surprised by this? When will we realize that the current administration is not looking after the average person but big business. So sad!
78
"... not looking after the average person but big business."
A company that can't come of with an $8 million bond is not "big business":
"If the court doesn’t require the [$8 million] bond, Nationwide Biweekly can begin operating again, Mr. Lipsky said."
We have to protect Business from Consumers that is the only difference.
Ok maybe tax consumers to protect them but hey, What?
4
A dark time for the consumer. Not only does the individual have nowhere to turn in a dispute with a corporate entity, but those entities will now be emboldened to use unfair tactics because they know that there is no government agency that will speak for the individual.
133
"Not only does the individual have nowhere to turn in a dispute with a corporate entity, ..."
That's not true. Consumers can complain to the company, initiate a lawsuit or arbitration, go to a competitor, etc.
Anyway, the CFPB's authority is limited to oversight of the financial services industry.
2
What about binding arbitration? And the inability to launch class action lawsuits. who does this suit? the consumer? it protects business only
18
Arbitration usually takes place in the offices of people who do steady work for the businesses and therefore have no interest in annoying those businesses. The location of the process is another issue. Class-action lawsuits are the only way to level the playing field by providing adequate legal representation on the consumer side. (How much money are you going to spend on a lawsuit over $100? Zero. Find 1,000 other people who have been stiffed by the same company and you have both a worthwhile cause and the ability to pursue the lawsuit.) Evidently, Mulvaney is not going to support overturning the clauses we all sign with our credit card companies, etc., waiving our rights to a class-action lawsuit.
So, MFJ, the individual really does have the short end of the stick, and that will not change with Mr. Mulvaney calling the shots.
8