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How Apt: CFPB Director Kraninger Celebrates Her Six-Month Anniversary of Selling Out Consumers … by Keynoting a Bankers’ Conference
Allied Progress releases a new report, ‘6 Months of Failing Consumers.’
Today marks six months on the job for Kathy Kraninger, Director of the Consumer Financial Protection Bureau (CFPB). But over those six months, Kraninger has consistently prioritized the interests of Wall Street and predatory lenders, instead of working to protect everyday consumers (like the literal name of her Bureau says she should). To mark the…
DeVos Sued by Virginia College Students Over Reckless Reinstatement of Shady For-Profit College Accreditor
See the Washington Post story HERE; reaction from Allied Progress director Derek Martin: “Only a billionaire activist like Betsy DeVos would think it’s a good idea to put a lobbyist in charge of regulating an industry they previously worked for. DeVos’ has already gone to bat for loan servicers, is it any surprise she’d do the accreditors’…
In Wet Kiss to Trump’s Donors, CFPB Officially Ices Critical Protection from Predatory Payday Lenders
Washington D.C. (June 6, 2019)– In a blow to consumers, the Trump CFPB issued a final rule rewarding the payday industry with a 15 month delay from compliance with the ability-to-repay standard for the CFPB’s short term lending rule established in November 2017. This allows predatory payday lenders to continue approving high-interest loans – some…
As Betsy DeVos Arrives In Dallas For Conservative Confab, Disabled Veterans Still Wait For Federally Authorized Debt Forgiveness
The Department of Education is skirting the law by making the process of applying for loan forgiveness for “totally and permanently” disabled veterans burdensome.
As Congress Holds Hearing on High-Risk Leveraged Lending Trend That Threatens Another Financial Crisis, OCC Head Joseph Otting Hasn’t Lifted a Finger To Contain It
Leveraged lending has been called the “New Subprime Boom” and has grown substantially worse on President Trump’s watch.
Washington D.C. (May 29th, 2019) — In response to reports that U.S. bank profits increased by nearly $5 billion last quarter — an 8.7 percent jump compared to the first quarter of 2018 — Allied Progress spokesman Jeremy Funk released the following: “We’ve been led to believe by the Trump administration and Congressional Republicans that regulators…
Trump Education Official (And Former For-Profit College Lobbyist) Buries 158,000 Claims From Defrauded Student Borrowers
Diane Auer Jones is completely disregarding the Obama-era protection “Borrower Defense to Repayment.” It provides a path to debt forgiveness for students defrauded by their (non-profit) colleges.
New Trump Fed Pick Judy Shelton Shares Extreme Monetary Policy Views With Her Good Friend, Stephen Moore
Shelton, Trump’s potential nominee who is being vetted as we speak, is just a ‘Stephen Moore 2.0.’
Payday Lenders – Satisfied Trump Administration Won’t Go Too Hard On Them – Drop Lawsuit Against Operation Choke Point
Washington D.C. — Politico reported on May 22 : “Payday lenders have reached a tentative settlement with the FDIC and the Office of the Comptroller of the Currency to end their years long legal battle over whether bank regulators acted inappropriately in connection with an Obama-era program known as “Operation Choke Point.” […] Operation Choke Point, officially…