Radical rollbacks of payday lending rules exploit the poor


February 12, 2019 - 1:28 PM

The time has come to consider an official name change for the Consumer Financial Protection Bureau to reflect its true mission under the Trump administration. Consumers are clearly the last thing on President Donald Trump’s mind, and the only people he and his GOP supporters in Congress seek to protect financially are the fat cats in the banking and payday lending industry.

We’d offer a few recommendations for replacement names, but unfortunately, their acronyms are unprintable in a family newspaper. Suffice it to say that the new name should reflect the truth that consumers, especially those on the edges of poverty, are getting the shaft under the broader freedoms Trump plans to give the financial services industry.

Having already reduced the CFPB’s banking oversight powers, the bureau now plans to abolish most consumer protections that had restricted exploitative payday lending practices.