Consumer Protection Bureau Aims To Roll Back Rule For Payday Lending

[spanone]

yes, trump, let's screw the most vulnerable

The Consumer Financial Protection Bureau is targeting one of the hallmarks of the Obama administration: a rule that would protect the most vulnerable borrowers from the ballooning debt that can accrue with payday loans.

The rule never actually took effect. And now the consumer protection bureau is proposing to take it off the table.

The agency's chief, Kathy Kraninger, said in a statement that pulling back the rule would encourage competition in the payday lending industry and help improve credit options for borrowers in need.

Critics say the consumer protection bureau is siding with the very industry it is supposed to regulate and is scrapping a rule that would have protected borrowers from skyrocketing interest rates.

https://www.npr.org/2019/02/06/691944789/consumer-protection-bureau-aims-to-roll-back-rules-for-payday-lending

[RKP5637]

1. The ass is clearly a sociopathic sadist!!! n/t

[JayhawkSD]

2. I had a problem with this bureau when Congress created it.

It created the bureau in name only and allowed it to write its own rules, which is a blatant arrogation of Congressional power. It means that a bureau which is part of the Executive Branch is making laws, something that is so far outside the scope of how the constitution defines the duties and responsibilities of the branches of government as to utterly boggle the mind.

Democrats were delighted because we had, at the time, a Democrat in the White House. I asked what would happen if we got a Republican in the White House and was ridiculed and shouted out of the discussion. "That will never happen," I was told. "Democrats rule because Hillary will win, so we're good for the next eight years, and after her, Elizabeth."

When Congress created the CFPB, it was their duty to create the laws under which it would operate, and not only did we let them not do so, but we broke our own arms patting ourselves on the back for their "achievment."

And so we have a bureaucrat appointed by a Republican president making laws because a Democratically controlled Congress created a situation which allowed that to happen. And now, reaping what we have sown, we are crying foul. The shame is on us. We let this happen, and we cheered while we were doing it.