AFR shared maps and statistics with the Senate Environment and Public Works Committee and the Senate Banking, Housing, and Urban Affairs Committee prior to two hearings this month on the insurance crisis, which is compounded by climate change.
This week brought the big, brutal budget reconciliation bill into sharper focus as the Congressional Majority advanced tax cuts for the super-rich paid for by and severe cuts to healthcare and nutrition assistance through key committees. The combination of tax giveaways to those who need it least and benefit cuts slashing support for basic human needs t are a recipe for catastrophe for most of the country.
“Dropping cases like this against Heights Finance, where a predatory lender was picking the pockets of working class people, signals that it’s okay to pick on the little guy,” Zinner said.
Wall Street’s revolving door has spun more appointees from the private equity industry into the Trump administration than ever before. CEOs, founders, and even family members have been tapped to spearhead some of the very institutions that regulate or contract their own companies.
This week, Congress will start considering the tax provisions of the reconciliation legislation, Trump’s “big beautiful bill” that will slash safety net programs and further dismantle agencies like the Consumer Financial Protection Bureau in order to pay for tax breaks for wealthy families and corporations.
Recently, some of the most politically influential industries — fossil fuels, firearms, private prisons, crypto — have been crying foul about so-called debanking, accusing banks of unjustly denying them financial services because of supposed political biases. This is part of a larger misinformation campaign that is hijacking civil rights language to frame powerful industries as victims of discrimination and achieve their deregulatory goals.
Last week, the Trump CFPB announced plans to stop enforcing its previously issued Buy-Now-Pay-Later (BNPL) interpretive rule, which improves the price transparency of these loans to help people understand the real costs, fees, and charges that can accrue. This step risks amplifying the harms of BNPL loans, which include lower credit scores, lost bank accounts, and predatory fees. And it represents yet another example of the Trump CFPB actively siding with predatory lenders.
Today, President Trump signed two laws that overturned commonsense consumer protections from the Consumer Financial Protection Bureau (CFPB), one capping overdraft fees and one supervising digital payment apps. Trump’s presidential signature paves the way for banks to harvest billions of dollars in fees and eliminates privacy and account protections for millions of digital payment app users.
Earlier today, Russell Vought, Trump’s acting director, announced plans to begin the withdrawal of 67 measures undertaken by the Consumer Financial Protection Bureau from the past fifteen years, across areas including credit reports, consumer complaints, credit cards, and servicemember rights.
The Senate thankfully blocked plans to fast-track legislation that would have emboldened the crypto conflicts of interest crisis that are emanating from the White House. This toothless legislation posed real risks for consumers and the financial system, but a vote to advance this legislation would have rewarded the President for enriching himself and his family through a crypto business empire.