If ever you needed proof that it’s the Biden administration looking out for the little guy, while Trump looks out for himself and his wealthy donors, look no further than the right-wing attacks on the CFPB’s efforts to protect Americans from predatory lending practices.
The Washington Post makes clear that the Trump administration wanted lenders to be able to make expensive loans to low-income borrowers that they could not afford to repay.
The dispute began in 2017, when the watchdog agency issued rules preventing payday lenders from offering expensive loans to low-income Americans who could not afford to pay the money back. Under President Donald Trump, the agency later eliminated some of those protections, but payday lenders still pressed forward with a lawsuit, which came to hinge on the bureau’s unique funding structure.
Last week, the Supreme Court handed the CFPB a big victory. It ruled that the bureau’s funding is constitutional, “denying opponents a ruling that could have invalidated much of the CFPB’s past work,” The Post reported.
Of course, the lenders are not letting up on efforts to line their pockets with money from the poor. They’re giving a good chunk of that dough to Republican campaigns, including Trump’s, “in the hopes of securing a more friendly regulatory environment,” as The Post put it.
In the meanwhile, CFPB is proceeding with its work to protect vulnerable Americans.
