While Americans are “drowning in debt,” the White House is waging a war on regulation that is ultimately going to push even more consumers into greater debt and higher rates of poverty. Although these plans are touted as part of a pro-business agenda intended to spur economic growth, our Miami debt defense attorneys recognize many of these measures are going to have a harsh impact on consumers – especially those already in the lower tax brackets.
One of the most recent and perhaps most destructive of these efforts is the recent stripping down of the consumer protections and watchdog oversight of the Consumer Financial Protection Bureau. You may recall this is the agency created seven years ago that has since been dedicated (successfully so) to preventing consumer rip-offs by loan and credit card issuers, debt collectors, payday lenders and other large financial players. Prior to this administration’s assuming control of the CFPB, the agency had collected nearly $12 billion in compensation for 29 million consumer victims of financial scammers.
Since Mick Mulvaney (also budget director for the Trump administration) stepped in as interim director of the agency in November, he has been dismantling key elements of the program piece-by-piece. He has done significant damage just in the last several months, and planned actions are likely to further threaten consumer financial well-being. Continue reading