Letters to the Editor

Letter: Consumers taking a hit

Published:

To the Editor:

I don’t like being robbed, especially by big corporations and financial institutions. But it looks like we’re all going to be a lot worse off now that Mick Mulvaney has been appointed as temporary head of the Consumer Financial Protection Bureau. While this is a temporary appointment, he can do plenty of damage before he’s replaced.

The CFPB was adopted after the financial meltdown to protect us, as consumers, from shady lending practices. Banks, payday loan companies and others were having a field day ripping us off. 

Since its inception, it has adjudicated more than a million claims and returned money to consumers (folks like you and me!) to the tune of about $12 billion. Big banks and other financial institutions hate it because they are being forced to follow the law, repay individuals and pay fines for getting caught. But like all things consumer-friendly, the current administration is doing its best to repeal any protections we might have.

Corporations have a powerful influence in this administration (so much for draining the swamp) and Mulvaney will be glad to go to bat for them.

U.S. Rep. Randy Hultgren gets a good portion of his campaign funds from the financial services sector. We can infer that he’s just fine with seeing the CFPB marginalized. This is yet another instance when we simply cannot trust that he has our interests at heart.  

Kathleen Bogolia

McHenry