Elections have consequences: Consumer protection | Arkansas Blog

Friday, January 26, 2018

Elections have consequences: Consumer protection

Posted By on Fri, Jan 26, 2018 at 11:18 AM

Mick Mulvaney, sent by Donald Trump to run the Republican-hated Consumer Financial Protection Bureau, has asked for no funding for the agency this year and most think he's bent on destroying the agency and protecting payday and other lenders that had been held accountable.

This is bad news to consumers. And that means bad news in Arkansas.

Allied Progress has compiled a nationwide database of CFPB actions on behalf of consumers. In Arkansas alone, the database includes 91 actions covering such things as mortgage disclosure, mortgage servicing, student loans, consumer finance, credit cards and more. In most of these, Arkansans are beneficiaries of nationwide actions.

These can be big, with millions in recoveries for thousands of people. The famous Wells Fargo and Equifax abuses are also on the list.

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