The Consumer Financial Protection Bureau (CFPB) has received a great deal of attention. Louisiana consumer law attorneys are paying special attention the past few months regarding the appointment of new director. Still, the future leadership of the CFPB is uncertain.
Louisiana consumer law attorneys took notice when Trump appointed a political puppet to deflate the consumer advocacy group late last year. Today, the CFPB is not in any better shape. The lawsuit by Leandra English, the CFPB’s director appointed by the traditional method, is still pending. Louisiana consumer law attorneys agree that the Trump appointee is another example of the new regimes attempt to maintain control of consumers and their finances. As a result, consumers are more likely to become victims of big banks without guidance by Louisiana consumer law attorneys.
While the current director acts as a political puppet for big banks and Trump, the Dodd-Frank Act requires the director to be independent of governmental and non-consumer motives. Louisiana consumer law attorneys see this as a direct conflict of the intended agendas for the CFPB. Regardless of pending efforts, Trump unsanctioned efforts persist as he has reportedly narrowed down his next appointed director down to three potential nominees for Congress to confirm. While there is a chance that Congress will not confirm these nominees, if Trump is the only one to supply the nominees, it is very likely they will all be of the same caliber of political puppet.
Louisiana Consumer law attorneys anticipate that any of the projected Trump nominees will result in controversy as they all have historical ties to big banks and being against consumer advocacy. The newly narrowed potential nominees make up a group that are leading lobbyists for big banks, promote forced arbitration, and received millions of dollars from the very groups they are supposed to protect consumers from.
As predatory payday lenders, big banks, and illegal debt collectors continue to take advantage of low income consumers, the public may not be able to rely on the CFPB for protection. Consumers victims may be left with only Louisiana consumer law attorneys to rely on.
If you are currently stuck in a predatory loan scheme with impossible fees, concerned with your consumer rights, or experiencing debt collection harassment including robocalls, contact a Louisiana consumer law attorney at Paramount Law today.