“What Mulvaney is really interested in is not serious research, but information that advances the interests of the Wall Street banks and predatory lenders he serves.”
“America is facing an ongoing student debt crisis, with outstanding student debt surpassing $1.5 trillion and over 8 million borrowers in default on their student loans. Closing the Office for Students is like shuttering the fire department in the middle of a three-alarm fire,” said Alexis Goldstein, senior policy analyst at Americans for Financial Reform.
In the era of mass incarceration, racial profiling and unaccountable police brutality, every member of Congress who voted for this bill has to explain why they do not believe people of color deserve the full protection of the federal government, especially given the long documented history of racial discrimination in auto lending.
Wall Street pumped $719 million into the political process in 2017, a rate that puts it on pace to outstrip the record $2 billion it spent during the 2015-2016 campaign cycle, according to a new report by Americans for Financial Reform.
Mick Mulvaney admits he favored lobbyists who gave him money as a lawmaker. He has no business running the CFPB, an agency devoted to the protection of consumers, not lobbyists.
Senators who voted to reverse this important CFPB action have also opened the door to challenging long-standing regulatory actions that are crucial to protecting workers, consumers, civil rights, the environment, and the economy
As the Trump administration rolls back the greater regulatory scrutiny the for-profit college industry has faced during the last several years, it is private equity that stands to benefit the most, posing continuing dangers to students, taxpayers, and the integrity of the federal financial aid system.
The regulators must act on the same principles in approaching fiduciary rulemakings; anything less leaves investors vulnerable to losing billions of dollars a year to ‘advisors’ who pitch investments that produce greater returns for themselves, but leave the clients earning less.
The legislation approved by a bipartisan majority in the Senate doesn’t serve families or communities, nor is it policy that most Americans support. It puts the interests of financial institutions ahead of the rest of us
The ability for states to enact laws governing how servicers may interact with borrowers, and the ability of state Attorneys General to file lawsuits against servicers for consumer abuses, are crucial accountability mechanisms that must continue. That the Department would attempt in any way to prevent these state level efforts to defend borrowers simply shows that under Betsy DeVos, it is servicers before students.