The US Senate voted to confirm Kathy Kraninger as the next head of the Consumer Financial Protection Bureau (CFPB), the federal government’s top consumer watchdog. She will take permanent charge over the CFPB and replace Mick Mulvaney. who critics say he’s sought to undermine its mission and scale back its enforcement and oversight efforts. Those same critics have echoed concerns about Kraninger, wondering whether she’ll continue on the same path as Mulvaney at the CFPB. They also point to her lack of experience in the consumer sector.
Education Secretary Betsy DeVos proposed on Wednesday to curtail Obama administration loan forgiveness rules for students defrauded by for-profit colleges, requiring that student borrowers show they have fallen into hopeless financial straits or prove that their colleges knowingly deceived them.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, fired the agency’s 25-member advisory board Wednesday, days after some of its members criticized his leadership of the watchdog agency. The CFPB said it will revamp the Consumer Advisory Board, known as the CAB, in the fall with all new members. The panel has traditionally played an influential role in advising the CFPB’s leadership on new regulations and policies.
The Trump administration has stripped enforcement powers away from Consumer Financial Protection Bureau office that specializes in pursuing cases against financial firms accused of breaking discrimination laws, according to two people familiar with the matter and emails reviewed by The Washington Post.
Ever since White House budget director Mick Mulvaney’s embattled appointment two months ago as head of the Consumer Financial Protection Bureau, he’s moved swiftly to transform the watchdog agency he once called a “sick, sad” joke. He has shelved investigations and kneecapped the work of CFPB examiners by halting data collection. In just the last week, he announced plans to gut an Obama-era payday loan regulation, spend down the CFPB’s rainy day fund, and launch a review of all its operations, signaling a likely overhaul.
In a statement to the media after the vote, Booker’s office said he supports the importation of prescription drugs but that “any plan to allow the importation of prescription medications should also include consumer protections that ensure foreign drugs meet American safety standards. I opposed an amendment put forward last night that didn’t meet this test.” This argument is the same one offered by the pharmaceutical industry.The measure introduced by Bernie Sanders would have passed without Democratic defections.
The fight over the leadership of the Consumer Financial Protection Bureau is assumed to be about President Donald Trump’s intent to deregulate finance. But it’s also part of a larger fight about separation of powers and the expanding authority of the executive, made clear by the Trump administration’s use, and abuse, of the law the president relied on to attempt to install Mick Mulvaney as acting director.
The Trump administration has notched up a significant victory in its battle over the future of consumer protection in the US after a federal judge refused to block the president’s choice for acting head of the Consumer Financial Protection Bureau.
A day after the official that Donald Trump wants to pass over as acting director of the Consumer Financial Protection Bureau (CFPB) asked a federal court to block the president’s own appointment, Trump’s pick for the role offered doughnuts to agency staff and told them to “disregard” his opponent’s instructions. Barney Frank, the retired Massachusetts Democrat who was one of the authors of the law that created the CFPB, told CNN on Monday that Trump and Republicans were seeking to weaken the agency in an administrative fashion, rather than legislative, because it was popular for its work standing up to banks, mortgage companies, loan companies and debt collectors on behalf of ordinary Americans.
With the window to gut a critical consumer protection regulation rapidly closing, the Treasury Department on Monday launched an unusual attack on the Consumer Financial Protection Bureau’s arbitration rule, relying heavily on a discredited industry theory that claims that trial lawyers routinely bully corporations into class-action settlements.
In the weeks after the election, Richard Cordray, the Democrat who leads the agency, the Consumer Financial Protection Bureau, directed his staff to compile stories from ordinary Americans thanking it for resolving complaints. The anecdotes, which he solicited in an email to share with the Trump transition team, could provide a counterpoint to critics who had cast the agency as a regulatory scourge on the economy. And implicit in his request to employees was the belief that some accolades would come from parts of the country that helped elect Mr. Trump — evidence that the popularity of consumer safeguards transcends party divisions.
The Sinclair Broadcast Group (Smith) and the Trump administration’s F.C.C. chief (Pai) see eye-to-eye on the need to unleash television. An examination of the F.C.C. records shows that the Smith-Pai alliance does not follow the familiar script of a lobbyist with deep pockets influencing policy. Instead, it is a case of a powerful regulator and an industry giant sharing a political ideology, and suddenly, with the election of Mr. Trump, having free rein to pursue it — with both Mr. Smith, 66, and Mr. Pai, 44, reaping rewards.
The House’s appropriations bill, includes riders that would further pare back campaign finance rules that have already been decimated over the last decade, in large part through Supreme Court decisions such as Citizens United and McCutcheon v. FEC. These rulings and a Congress hell-bent on deregulating the campaign finance system has lead to increasingly expensive elections, with the money that helps candidates win often pouring in from anonymous interests. Watchdog groups and journalists call these billions from shadowy sources “dark money.”
The nation’s consumer watchdog is adopting a rule on Monday that would pry open the courtroom doors for millions of Americans, restoring their right to bring class-action lawsuits against financial firms. Under the Consumer Financial Protection Bureau rule, banks and credit card companies could no longer force customers into arbitration and block them from banding together to file a class-action suit. The change would deal a serious blow to Wall Street and could wind up costing financial firms billions of dollars.
In June, the secretary of education, Betsy DeVos, announced plans to dismantle a set of Obama-era policies devised to protect students and taxpayers from predatory for-profit colleges. Yet data released in the final days of the previous administration shows that the existing rules have proved more effective at shutting down bad college programs than even the most optimistic backers could have hoped.
Congressional Republicans knew their plan was potentially explosive. They wanted to kill landmark privacy regulations that would soon ban Internet providers, such as Comcast and AT&T, from storing and selling customers’ browsing histories without their express consent. So after weeks of closed-door debates on Capitol Hill over who would take up the issue first — the House or the Senate — Republican members settled on a secret strategy, according to Hill staff and lobbyists involved in the battle. While the nation was distracted by the House’s pending vote to repeal Obamacare, Senate Republicans would schedule a vote to wipe out the new privacy protections.
The new Republican majority on the Federal Communications Commission voted Thursday to begin the process of rolling back Barack Obama’s network neutrality rules. These rules were designed to ensure that all online content and services get equal treatment online. But Trump’s choice to lead the FCC, Ajit Pai, argues that they represent unnecessary government meddling in the internet’s infrastructure.
Three stories about FCC chairman Ajit Pai’s plan to roll back net neutrality dropped over the course of last night into this morning, all containing basically the same information. He Met with major telecom lobbying groups on Tuesday. He Thinks net neutrality is bad and wants to roll back the FCC’s Title II classification that made it happen. But also plans to have broadband providers stick net neutrality promises in their terms of service agreements. So that the FTC can enforce those agreements instead of the FCC
Just over two months into the Trump administration, Republicans in Congress have undone numerous regulations put in place by former President Barack Obama. On Tuesday, the House of Representatives passed a bill — along party lines — that would allow Americans’ internet histories to be bought and sold by large telecom companies like Comcast (Xfinity), Verizon and AT&T, without their knowledge or consent. The U.S. Senate did the same thing a week ago.
Republicans in Congress just voted to reverse a landmark FCC privacy rule that opens the door for ISPs to sell customer data. Lawmakers provided no credible reason for this being in the interest of Americans, except for vague platitudes about “consumer choice” and “free markets,” as if consumers at the mercy of their local internet monopoly are craving to have their web history quietly sold to marketers and any other third party willing to pay.
Donald Trump’s February 3executive order enabling financial advisers to continue ripping off their clients could prove a lifeline for a surprising beneficiary: the private equity industry. The Department of Labor’s fiduciary rule would have forced investment advisers in workplace retirement plans like 401(k)s to operate in their clients’ best interests, rather than recommending high-cost, high-risk products that offer the advisers kickbacks and perks.
Ex-Verizon lawyer Pai will take “weed whacker” to net neutrality under Trump. Pai consistently opposed consumer protection regulations during the three-year chairmanship of Democrat Tom Wheeler, who left the FCC today. Pai opposed net neutrality rules and, after Trump's victory, said those rules' "days are numbered."