Highlight
Trump Administration War on CFPB Is Bad News for Communities of Color
July 7, Common Dreams
Two years into the Trump administration, communities of color — and anyone using financial products, for that matter – are losing hope of finding an independent, dogged champion in Trump’s iteration of the Consumer Financial Protection Bureau. A brain-child of Senator Elizabeth Warren, CFPB was originally designed to protect consumers from fraudulent and abusive financial actors as a response to the 2008 financial crisis. In gutting the CFPB and corrupting its mission, the Trump Administration disregards struggling families, and how the crisis brought our economy to its knees. And Trump’s latest move will make things even worse.
Other News
Consumer protection agency, Congress balk at payday lending reform
July 5, The Virginian-Pilot
The Consumer Financial Protection Bureau (CFPB) announced new rules last year that aimed to make payday lenders do more to ensure that borrowers have the means to pay back their loans on time. But now the CFPB is trying to delay and possibly gut that plan, and Congress recently toyed with killing it altogether.
REPOST: Star Tribune
New Mexico still hashing out new rules for payday loans
July 3, KOB 4
It took years for New Mexico lawmakers to agree to overhaul the storefront lending marketplace by capping interest rates, and state regulators have yet to finalize the rules needed under the new law to bolster consumer protections and enforcement.
New Mexico regulators work on new rules for payday loans
July 3, The News & Observer
It took years for New Mexico lawmakers to finally reach consensus on overhauling the storefront lending marketplace by capping interest rates. But state regulators have yet to finalize the rules needed under the new law to bolster consumer protections and enforcement.
Payday-loan mogul indicted for masterminding phantom debt scheme
July 2, American Banker
A onetime payday-loan mogul was indicted on federal charges that he made up millions of fake debts and sold them to bill collectors, victimizing people across the country.
After Long Career Bailing Out Big Banks, Obama Treasury Secretary Tim Geithner Now Runs Predatory Firm That Exploits the Poor for Profit
July 2, Common Dreams
After a lengthy government career defined by his central role in bailing out predatory Wall Street banks as former President Barack Obama’s Treasury Secretary, Timothy Geithner appears to have found his true calling in the private sector, where he now heads a large financial institution that exploits the economic struggles of poor Americans for profit.