The Consumer Financial Protection Bureau has, in the last 12 years, returned $17.5 billion to consumers who were ripped off by various financial institutions. Like the recent ruling against Bank of America for double-dipping on non-sufficient fund fees, opening unauthorized consumer financial accounts, and making misleading statements regarding certain credit card rewards. In short, they are a tool to help the average consumer. As a result of that ruling, Bank of America will pay more than $100 million to harmed customers and $90 million to the CFPB’s victims relief fund. Obviously the rich and powerful have hated it since it was started. And so…
Trump administration orders consumer protection agency to stop work, closes building
Make no mistake, this one might stick. Banks and Insurance companies have bought a lot of congresscritters over the years, and only congress can do away with the CFPB permanently.
Yeah, I know, I’ve been hitting the politics a lot lately. Hard to not be sad about it all. Trying not to watch as the rich carve up the only defense we have against their tyranny. Word is, the new administration is going after the National Oceanic and Atmospheric Administration (N.O.A.A.) next. Easier to lie about climate change if we don’t keep data on it. Wonder who’s going to warn Florida about the next hurricane?