On December 5, the Lower East Side People’s Federal Credit Union—a community development credit union and CEANYC member—filed a lawsuit against Donald Trump and Michael Mulvaney for their takeover of the federal Consumer Financial Protection Bureau (CFPB). The CFPB was created in 2010 with the Dodd-Frank Act and exists to make sure that citizens and consumers are treated fairly by banks, lenders, and other financial companies. It is the clearinghouse for complaints and allows for transparency amongst consumers around which companies exploit their consumer bases and how. The CFPB also provides answers to common questions consumers have, an essential service in an unnecessarily complicated structure. Confused about how your auto loan will effect your credit? Want tips on how to engage your children in learning about money and savings? Being called non-stop by a debt collector and curious about the legal limitations you have a right to? The CFPB can and does answer those questions for consumers. Despite all this, Michael Mulvaney, Trump’s illegally appointed new head of the CFPB has referred to the agency as a “sad, sick joke.” […]
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