Times Column Calls the CFPB “The Bureau of Resistance”

Here.  It's the "On Money" column by Gary Rivlin.  Excerpt:

Three days after Donald Trump was sworn in as president, the United States government fined a couple of Citigroup subsidiaries $28.8 million for giving the runaround to tens of thousands of borrowers who were trying to avoid foreclosure on their homes. One week later, it sued a ring of law firms, accusing them of illegally levying high fees on desperate clients seeking to lessen their crushing debt loads. In the days that followed, the government took action against several others, including a California-based mortgage lender and a Virginia-based pawnbroker. It also ordered Mastercard and a partner to jointly pay $13 million in fines for “breakdowns that left tens of thousands of economically vulnerable RushCard users unable to access their own money.”

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For the moment, the C.F.P.B. seems to be a full-throated expression of resistance: a government watchdog doing its job, despite a chief executive who resents its mission. But even if Warren and her allies repel legislative attempts to weaken the C.F.P.B., Trump will still get to name Cordray’s replacement. What will be good news for big banks and fringe lenders will be sad news for the forgotten who thought they were sending a champion to the White House.

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