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Trump fires chief of the federal consumer watchdog agency

Old_JoeOld_Joe
in Off-Topic
Well, all those ordinary people who voted for Trump thinking that he was "on their side" are in for a disappointment.

From a current NPR report:
The Trump administration has fired Rohit Chopra, the director of the Consumer Financial Protection Bureau. During his term, Chopra took on a number of financial companies, including big banks. In December, the agency sued the operator of Zelle, as well as the nation's top banks — Bank of America, JPMorgan Chase and Wells Fargo, "for failing to protect consumers from widespread fraud."

The move was widely expected as President Trump is likely to name a new director for the agency, which is a frequent target of Republican attacks.

The CFPB is an independent bureau within the Federal Reserve system, and it's funded outside of the congressional appropriations process, with its funding coming from the Fed. The CFPB was created in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. That legislation was passed following the 2008 financial crisis, and was intended to prevent another crisis.

Under Chopra, "the CFPB has fought against junk fees, repeat offenders, big tech evasions, and corporate deception. It has championed competition, transparency, accountability, and consumer financial health," said Adam Rust, director of financial services for the Consumer Federation of America.

Comments

  • CrashCrash
    Orange Cult agrees, dontcha know. The foxes must be put in charge of the henhouse. Who ya gonna call? Ghostbusters? Yup.
  • JD_co
    Its going to be difficult to get our consumer protections back again in 4 years. This stunt is nothing but vindictiveness against the Dems (Senator Warren) - and hurts the American public in the name of political vanity.

    Dump is a very clear and present danger.

    Maybe a few of the MAGA zombies start to pick on on this. Then again, if you mindlessly watch Fox News propaganda 24/7.....maybe not.

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