Trump Admin Drops Five Consumer Watchdog Cases

So, Pres Trump is dismantling the CFPB, an entity that was established as a result of the banking industry's apparent exploitation of people requesting loans, and that exploitation may have caused the 2008 Great Recession.

The Great Recession that caused the created of the CFPB?

So, Pres Trump is pandering to his wealthy supporters apparently to allow them to continue to exploit consumers?

Why else would he kill an important consumer protection agency?

Trump admin drops 5 consumer watchdog cases, including Capital One
www.reuters.com

... The U.S. Consumer Financial Protection Bureau on Thursday dropped five enforcement actions against financial services companies accused of wrongdoing under the prior administration, including a major case against Capital One.

The unprecedented mass dismissals eviscerated much of the watchdog agency's remaining stable of legal actions against financial services companies investigated for abusive and predatory practices.

President Donald Trump is moving rapidly to dismantle the CFPB, which he has said should be eliminated, claiming its enforcement had become politicized. The dismissals occurred while his nominee to head the CFPB, Jonathan McKernan, was on Capitol Hill testifying before the Senate in a confirmation hearing.

The CFPB's fate has looked grim since Trump took office last month and Thursday's actions confirmed its disassembly would include a swift retrenchment if not total reversal of pending enforcement actions.

McKernan nevertheless told lawmakers he would continue to take consumer protection enforcement actions if confirmed.

The agency dropped the case against Capital One after accusing the bank last month of illegally cheating customers out of more than $2 billion in interest payments. ...

[emphasis mine]

@#3 ... President Donald Trump is moving rapidly to dismantle the CFPB, which he has said should be eliminated, claiming its enforcement had become politicized. ...

well, yeah.

The efforts of the CFPB have been towards protecting consumers, and not the oligarchs.

So, in Pres Trump's view, that is being politicized, as opposed to what government should do, i.e. protect the working people.

.

@#6 ... The subprime mortgage crisis of 2007"10 stemmed from an earlier expansion of mortgage credit, including to borrowers who previously would have had difficulty getting mortgages ...

Yup.

Back in the day, there was a great Frontline episode about the 2008 sub-prime mortgage crisis. Frontline interviews bank employees who seemed to say they were told to knowingly give the sub-prime loans to consumers they knew were not qualified. Many of those loans were for properties in high-income areas, unlike the disinformation proffered by the GOP at the time about lower-income people getting the loans.

The result of that mess, apparently caused by the banking industry, was a reason why the CFPB was established.

Consumer Financial Protection Bureau
en.wikipedia.org

... 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.

Since its founding, the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.[2]

The agency was originally proposed in 2007 by Elizabeth Warren while she was a law professor and she played an instrumental role in its establishment.[3][4] The CFPB's creation was authorized by the Dodd"Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007"08 and the subsequent Great Recession[5] and is an independent bureau within the Federal Reserve.[6] ...

@#8

And, fwiw, the Consumer Financial Protection Bureau since it's establishment looks to have been doing quite the excellent job.

Saving consumers from predatory financial institutions.

Looking at this differently ...

Isn't the Trump administration actively dismantling institutions?

So why does the Trump administration want to dismantle an agency that also looks to hold institutions accountable?