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Key Democrat Departure For Governor Run Is A Win For Trump, Loss For Consumers

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Richard Cordray announced he would step down as the head of the Consumer Financial Protection Bureau. This is huge news as Cordray was instrumental in regulating financial entities such as payday lenders and banks.

“It has been a joy of my life to have the opportunity to serve our country as the first director of the Consumer Bureau by working alongside all of you here,” Cordray said to employees. “I trust that the new leadership will see that value and work to preserve it—perhaps in different ways than before, but desiring, as I have done, to serve in ways that benefit and strengthen our economy and country.”

According to The Washington Post, Cordray could be leaving his post to run for governor of Ohio.

In any event, this is great news for Wall Street and the Republicans. Cordray has been a thorn in the Republicans’ side, continuing to argue for regulation of banks even after Trump took office. Of course, the Trump administration bases their decisions in part on what Wall Street tells them to do, including a new provision that prevents consumers from suing banks for unfair practices.

This also makes the CFPB’s future role in regulation between banks and consumers tenuous. Keep in mind this is the bureau that hammered Wells Fargo for $100 million after the bank decided to open accounts without customers’ permission.

“Cordray held big banks accountable. He is a dedicated public servant and a tireless watchdog for American consumers. The new Director of the CFPB must be someone with a track record of protecting consumers and holding financial firms responsible when they cheat people. This is no place for another Trump-appointed hack,” said Senator Elizabeth Warren, who’s been a vocal advocate for consumers’ rights and a person instrumental in creating this bureau.

However, if the Republicans have their way, they will reduce the CFPB’s role because regulation prevents businesses from economic growth, but we all know this is BS. Companies want to run roughshod and if that means stepping on consumers’ necks to do it, they won’t think twice. Reduced regulation means banks will do whatever they want, and you can guess how that will go for us.


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