With the defunding of the consumer watchdog agency Americans are again up for grabs.
The Consumer Financial Protection Bureau was put into place by the Obama Administration to help protect American consumers from banking institutions, credit card companies, and other legal loan sharks. When will the large corporations understand that agencies like the CFPB are actually helping to keep the peace in the country? It is better to waltz among the peasants when they are fed and warm.
Further, exploiting the ones that need a loan on their paycheck is wrong. High fees and high interest rates on payday loans will keep the debtor coming back for more, while keeping much less in their wallets. This will perpetuate a system that promotes endless poverty. Low income Americans cannot be hidden behind a wall away from the privileged. Stripping away consumer protection to squeeze the poor will not make them go away.
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