American Bridge spokesperson Andrew Bates released the following statement after news broke that Mick Mulvaney may reverse a Consumer Financial Protection Bureau position and allow Wells Fargo to withhold payments to home-buyers who were overcharged:
“What could possibly be the legitimate justification for giving Wells Fargo a pass on paying back customers it has admittedwere overcharged? Donald Trump’s interference with the CFPB threatens to erode key protections created after the 2008 financial crisis that stand between middle class consumers and deceptive financial industry practices. Having the only cop on the beat stand down to help big banks increase profit margins is the exact opposite of ‘draining the swamp.'”
On Tuesday, it was similarly reported that the CFPB was reversing itself on whether Nationwide Biweekly Administration should pay millions in penalties for deceiving over 100,000 customers. This news comes as a series of financial sector companies are already attempting to receive favorable treatment from Mulvaney.
The CFPB’s enforcement actions have delivered nearly $12 billion in relief for 29 million American consumers.
While in Congress, Mulvaney said that the CFPB should not even exist, and called the agency a “sick, sad” “joke.” During that time, Mulvaney also accepted $683,973 in campaign contributions from the financial sector, which the CFPB has regulatory powers over.
Reuters: Exclusive: Wells Fargo sanctions are on ice under Trump official – sources
Patrick Rucker, Pete Schroeder