AG Josh Hawley seeks to protect Missourians by advocating for destruction of agency that protects

AG Josh Hawley seeks to protect Missourians by advocating for destruction of agency that protects Missourians

One of the only meaningful policy changes implemented after the wild excesses of the American financial industry plunged the world into economic chaos in 2008 was the establishment of the Consumer Financial Protection Bureau. The new federal agency, a product of the Dodd-Frank Wall Street Reform Act, is tasked with watchdogging the financial services industry — banks, payday lenders, mortgage lenders, debt collectors, securities firms, and others — and making sure those entities aren’t screwing over ordinary people.

That’s literally all the CFPB is: an agency that exists to go after shady businesses that scam consumers out of money. Remember last year’s Wells Fargo scandal, when it was uncovered that the bank had policies in place that encouraged its employees to open up fake accounts for customers? That revelation was the work of the CFPB, which hit Wells Fargo for $100 million in penalties.

Closer to home, the CFPB went after some of Kansas City’s notoriously predatory online payday lenders: Rick Moseley in 2014, and Jim Carnes in 2015.

In all, the CFPB has clawed back nearly $12 billion for 29 million defrauded consumers since launching in 2011. Who, besides the people who run businesses that scam people, would not want such an agency out there patrolling the consumer beat?

Read more: http://www.pitch.com/news/blog/20856278/josh-hawley-seeks-to-protect-missourians-by-advocating-for-destruction-of-agency-that-protects-missourians