Trump admin drops 5 consumer watchdog cases

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... 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. ...

#1 | Posted by LampLighter at 2025-02-28 08:43 PM | Reply

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?

#2 | Posted by LampLighter at 2025-02-28 08:47 PM | Reply

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 | Posted by LampLighter at 2025-02-28 08:51 PM | Reply

@#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.

#4 | Posted by LampLighter at 2025-02-28 08:54 PM | Reply