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Donald Trump To Abolish US Consumer Protection Agency, Congressman Confirms


Donald Trump To Abolish US Consumer Protection Agency, Congressman Confirms

President Donald Trump is set to give shady bankers, loan sharks, payday lenders and rogue debt collectors the green light to rip off American customers as part of a touted shake up of the Consumer Financial Protection Bureau (CFPB).

Trump will completely scrap America’s consumer protection agency, the man lined up by the President to head the watchdog has revealed.

Randy Neugebauer, considered the favorite to replace the current director of the CFPB, said that “Following Mr. Trump’s election last November, he’s been facing intense pressure from inside the Republican Party to dismantle the agency entirely,” according to The Independent.

Neugebauer, who represented west Texas’s 19th congressional district, told the paper that his meeting with Trump “included discussions about deregulating financial markets and gutting the CFPB.”

“Some of my colleagues want to do away with the CFPB,” he said. “The government ought not to be telling consumers what kind of financial products are appropriate for them.”

The agency is tasked with protecting the public from unfair or abusive practices by mortgage servicers, payday lenders, and debt collectors.

It has powers to take action against companies that break the law and in a recent case sued a law firm for allegedly “scamming 9/11 heroes out of money intended to cover medical costs”.

The watchdog also acts on cases of suspected age or race discrimination.

But Mr. Neugebauer is leading calls for the agency to be dismantled. He also voiced his support for payday lenders, despite a lack of transparency and often crippling rates of interest that have led to calls for them to be banned.


Rep. Randy Neugebauer (R-TX) | Imgur

“Millions and millions of people use payday lending as a source of credit because they have poor credit scores,” he said.

He also supports the President’s executive order calling for a review of the 2010 Dodd-Frank financial regulations arguing that Obama-era rules designed to curb the riskiest actions of banks before the financial crisis had been an overreaction.

“Blanket regulation over the entire financial market is impacting some of the entities that possibly were part of the cause, but in many cases entities that really didn’t have anything to do with the crisis are affected,” he said. “Many folks, including myself, think we went too far.”

Under the CPFB’s current director, Richard Cordray, billions of dollars have been returned to consumers caught up in credit scams or malpractice in the banking sector.

Now, Trump will unleash the beast of corruption gainst American consumers.

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