Tl;Dr: The administration has shut down a government program that protects citizens from bad businesses because it’s wasteful? Really?
The Consumer Financial Protection Bureau CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB’s jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the United States
This agency was set up in 2010 in the wake of the 2007-2009 Great Recession. For those who may have forgotten: the U. S. government had to spend our tax money bailing out the Lehman Brothers or have the global banking system collapse, due to bad governance of business practices. The CFPB was put in place to prevent big businesses from bad practices like this, to protect citizens like you and me, and to protect the government itself from future bail outs.
That’s not just noise: the bureau has put 17.5 billion dollars back into the hands of Americans since it started 13 years ago.
So why would the administration bso focused on reducing waste tear down an agency that protects Americans? The answer seems to be that the administration is just fine with businesses financially abusing people.
Let that sink in for a minute.
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