Does GOP Congressman Support Bill Gutting CFPB Because It Went After One of His Donors?

Rep. Trott (R-MI) Supports Legislation That Would Decimate CFPB’s Authority to Hold Banks Accountable

During a floor debate on June 7, 2017 concerning the Financial CHOICE Act, Rep. David Trott (R-MI) offered his support for the legislation that, in addition to rolling back important protections for working families from Wall Street fraud and recklessness, would effectively decimate the authority of the Consumer Bureau Financial Protection Bureau (CFPB). [U.S. House Debates Dodd-Frank RepealC-SPAN, 06/07/17]

CFPB Charged Flagship Bank $37 Million for Ripping Off Customers — the Bank’s Executives are Trott Campaign Donors

What Trott neglected to mention is that the CFPB took enforcement action against one of his campaign donors. Indeed, the Michigan Republican has taken $1,750 from employees of Flagstar Bank, including it’s CEO. [Search for Flagstar Bank Employee Contributions to David TrottPolitical Moneyline, accessed 06/08/17]

Name XX Occupation XX Date XX Amount
CIROLI, JAMES K FLAGSTAR BANK CHIEF FINANCIAL OFFICER 8/1/16 $250
DINELLO, ALESSANDRO P FLAGSTAR BANK CEO 8/1/16 $500
DINELLO, ALESSANDRO P FLAGSTAR BANK CEO 10/10/16 $1,000

The same bank was ordered by the CFPB in September 2014 to refund “$27.5 million to affected consumers” and imposed “$10 million in fines,” alleging Flagship Bank took “too long to process applications for foreclosure relief and finalizing permanent loan modifications; failing to inform borrowers when their application was incomplete; and denying loan modifications to qualified borrowers.” [Rachel Witkowski, “CFPB Launches ‘New Era’ of Mortgage Servicing Enforcement”National Mortgage News, 09/30/14]

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