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Miigwech

(3,741 posts)
Mon Jan 6, 2020, 07:05 PM Jan 2020

Why don't Dem's trumpet this Democratic Party achievement!!!!!

Hell yes we pushed back hard on the corporate thevies and WON big money for the average American. So, let us point out what we have done, not only what we will do to fight against the trump and GOP's undoing!


Within days of being sworn in, President Donald Trump has already pledged to cut business regulations by 75%. One way he is likely to fulfill that promise, at least in part, is by defanging a legacy of the 2008 financial crisis: the Consumer Financial Protection Bureau.

That could mean the functional end to the consumer watchdog, which has been responsible for returning roughly $11.8 billion to some 29 million consumers since its inception in 2011, according to data from the bureau. That’s an average of $407 returned to each affected consumer, affecting roughly 9% of the U.S. population (assuming no single consumer was a victim in more than one case).

The agency was conceived by a group of consumer advocates including Elizabeth Warren (then a Harvard Law School professor and congressional advisor, and now a senator from Massachusetts), partly in response to reports of deceptive mortgage lending practices that helped precipitate the housing crash. Designed to safeguard consumers in their dealings with the financial-services industry, the CFPB has made moves to curb abuses in the payday, student, and auto lending industries. The agency has also focused on predatory lending practices that target low-income consumers that can ill afford their loans.

ttps://fortune.com/2017/01/27/donald-trump-cfpb-consumer-protection-financial-bureau-elizabeth-warren/
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