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predatory lending 2 articles

Trump Admin Poised to Dismantle Consumer protections

Less than two weeks from taking over the Oval Office, Donald Trump and his administration vowed to cut the vast majority of business regulations – a measure that would likely lead to the demise of the Consumer Financial Protection Bureau (CFPB), the watchdog agency designed to protect U.S. consumers from the kinds of predatory lending practices that precipitated the 2008 financial crisis and housing crisis. The CFPB was designed by consumer advocates to be an autonomous agency, free from the grip of special interests that often influence Congress. Because it is funded by the Federal Reserve, the bureau does not ... Read More

New federal agency would protect consumers against bad business

If President Obama has his way, businesses that rely on predatory and deceptive lending practices will soon have to straighten up or face federal fines and other punitive action. In his weekly radio address, Barack Obama defended his proposed Consumer Financial Protection Agency, saying that the new government office is needed to crack down on the types of business practices that led to the economic crisis. The proposed agency comes as part of the Obama administration’s overhaul of federal regulations governing the financial sector. “It’s no coincidence that the lack of strong consumer protections led to abuses against consumers,” President ... Read More