This week could’ve been a terrible one for millions of low-income American consumers. If Consumer Financial Protection Bureau (CFPB) rules set up in 2017 had been allowed to proceed, lenders that provide short-term cash to help struggling Americans cover unexpected expenses would had to have cleaned out their offices by August 19 and shut their doors forever. Fortunately, the Trump administration reversed course and made sure that 19 million vulnerable Americans weren’t stripped of the vital financial services they desperately rely on. By trying to eliminate these much-needed financial services, the CFPB demonstrated just how out-of-touch elite bureaucrats are with the lives of working-class Americans.
When the CFPB was created in 2011, the bureaucracy quickly set its eyes on short-term lenders. Following a series of smaller actions against these businesses, the bureaucracy promulgated a rule in 2017 that would have effectively knocked payday financial services out of existence. Despite experts deeming this action as “one of the most detrimental regulatory actions ever taken by the Bureau,” the rulemaking process went undeterred.
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When the CFPB was created in 2011, the bureaucracy quickly set its eyes on short-term lenders. Following a series of smaller actions against these businesses, the bureaucracy promulgated a rule in 2017 that would have effectively knocked payday financial services out of existence. Despite experts deeming this action as “one of the most detrimental regulatory actions ever taken by the Bureau,” the rulemaking process went undeterred.
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