Donald Trump tries to hide his CFPB record, but the American people won’t be fooled

American Bridge spokesperson Andrew Bates released the following statement after Donald Trump tweeted about news that, under Mick Mulvaney, the Consumer Financial Protection Bureau was considering allowing Wells Fargo to avoid refunding consumers that the bank has already admitted were overcharged:

“A disingenuous tweet cannot hide the obvious truth of Donald Trump’s record. His actions are selling-out the American middle class by tying the hands of the independent agency created after 2008 to safeguard consumers from the worst abuses of the financial sector.  Trump himself said that he was placing Mulvaney at the CFPB specifically to benefit the financial companies that the independent agency was created to be the watchdog of, and numerous reportsshow that’s precisely what Mick Mulvaney is doing. There is an unmistakable pattern here, and the American people won’t be fooled.”

In addition to the Wells Fargo case, it was similarly  Read more after the jump.

Mulvaney considering letting Wells Fargo off the hook for payments owed to overcharged consumers

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 […]

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Report: Trump’s Undermining Of CFPB Has Wall St. Racing To Avoid Consequences For Defrauding Consumers

American Bridge spokesperson Andrew Bates released the following statement after it was reported that Donald Trump’s tampering with the Consumer Financial Protection Bureau (CFPB) had touched-off a wave of new attempts by the financial industry to evade investigations and penalties for abusive practices that hurt consumers:

“Donald Trump’s economic agenda is a catastrophe for the middle class.  Just as Senate Republicans are on the verge of raising taxes on middle class families while cutting rates for the wealthy and corporations, the financial industry is already trying to take advantage of Trump’s move to gut critical consumer protections against fraud put in place after the 2008 economic crisis. Trump is doubling-down on failed Republican policies that only benefit the 1% and cheating those he pledged to help.”

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 […]

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Mulvaney STILL Thinks The CFPB Is A “Sick, Sad” “Joke” That Should Not Exist

American Bridge spokesperson Andrew Bates released the following statement in reaction to OMB Director Mick Mulvaney doubling down on his belief that the Consumer Financial Protection Bureau (CFPB) is a “joke” that should not exist:

“If Donald Trump’s power-grab goes through and Mulvaney is allowed to be in charge, middle class Americans and working families are almost certain to lose the protections against abusive practices on the part of banks, credit card companies, payday lenders, and other entities that the CFPB was created to provide.  Trump is undermining the Wall Street reforms passed after the 2008 financial crisis and trying to cripple the CFPB from within – all in the name of partisan politics. This would be a major Wall Street win at the expense of millions of American consumers.”

The CFPB’s enforcement actions have delivered nearly $12 billion in relief for 29 million American consumers. ​

While in Congress, Mulvaney said that the […]

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Sanders Questions: Your Favorite President (Me) Edition

President Trump is back in action after the holiday break and entering a crucial period where he must finally prove to his supporters that he can get things done. The country shouldn’t hold its breath. For Trump, cutting taxes for the rich remains at the top of the list, but with health care for millions of children, disaster relief, and the status of 800,000 young Americans in this country all at stake, the President appears to be taking his responsibilities as serious as ever by reigniting his Putin-style feud against the free press.

American Bridge Rapid Response Director Emily Aden calls on White House Press Secretary Sarah Huckabee Sanders to answer the following questions:

1. Does the President understand how threatening a reality-TV style competition to discredit the national media is damaging to our democracy and the First Amendment?

2. Yesterday the nonpartisan CBO says that the Senate tax plan will raise taxes […]

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Mulvaney took nearly $700,000 in campaign contributions from the industries he’d regulate at CFPB

According to American Bridge calculations using Center for Responsive Politics data, as a member of the U.S. House, Mick Mulvaney accepted $683,973 in campaign contributions from the financial sector, which the Consumer Financial Protection Bureau (CFPB) has regulatory powers over.

While in Congress, Mulvaney Mulvaney said that the CFPB should not even exist, and called the agency a “sick, sad” joke. The 29 million Americans who’ve received almost $12 billion in relief thanks to the CFPB’s enforcement work against financial sector abuses would disagree.

“You couldn’t make this up. Trump’s choice to take over the CFPB, Mick Mulvaney, called the agency a ‘joke’ as he took hundreds of thousands of dollars in campaign contributions from the financial sector it regulates,” said American Bridge spokesperson Andrew Bates. “Trump has outright admittedhis plan is to cripple this independent watchdog in order to increase Wall Street profits. This is more proof that […]

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American Bridge statement on Mick Mulvaney potentially leading the CFPB

American Bridge spokesperson Andrew Bates issued the following statement after it was reported that Donald Trump may appoint Office of Management and Budget Director Mick Mulvaney to be the interim director of the Consumer Financial Protection Bureau (CFPB).

​”Not one month ago, Donald Trump sided with Wall Street and predatory lenders over our nation’s veterans and middle class families by signing a bill that allows banks and other financial companies to escape full legal accountability after defrauding consumers,” said American Bridge spokesperson Andrew Bates. “Now Trump may appoint a temporary head of the agency who does not think the agency should even exist. This is yet another example of Donald Trump acting to sell out the Americans he pledged to stand up for. Like his tax efforts, this would further rig the American economy in favor of the wealthy and large corporations.”

Mulvaney has objected to the existence of the CFPB, which was […]

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Even Mick Mulvaney can’t defend Trump’s CSR threats

After Trump’s budget director, Mick Mulvaney, failed numerous times to answer for Trump’s threat to stop payments of cost-sharing subsidies that are essential for insurance market stability and for 7 million working Americans to have healthcare, American Bridge spokesperson Andrew Bates released the following statement:

“Even Trump’s budget director can’t defend Trump’s threat to sabotage Obamacare marketplaces and it’s clear why. Cutting off Affordable Care Act cost-sharing reductions that are critical for seven million Americans having healthcare – the very people Donald Trump referred to as ‘the forgotten men and women’ – would recklessly damage insurance markets across the country and hike premiums by 19%.  If Trump puts his little hand on the scale, he will be punishing millions of innocent people out of spite because his drive to pass Trumpcare went down in flames. The American people deserve better leadership.”

Click here to see Mulvaney’s interview​: https://youtu.be/bEjBs58vX2Y​

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