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The CFPB’s Declaration of Dependence

Created as an agency that is fiercely independent to protect residents, the customer Financial Protection Bureau has quickly been subsumed to the Trump management. Banking institutions, student-loan agencies and payday loan providers are the champions.

But Mulvaney couldn’t overturn the ability-to-pay guideline. Because it was indeed finalized, he didn’t have the legal authority to reverse it by himself. Mulvaney announced that the bureau would start reconsidering the guideline, an intricate and potentially long procedure. The CFPB, under Cordray, had invested 5 years investigating and planning it.

Meanwhile, the payday loan providers looked to Congress. Continue reading