Trump’s war on the Consumer Financial Protection Bureau just reached a new crescendo, stripping the agency’s Office of Fair Lending and Equal Opportunity of its powers to enforce laws preventing discriminatory lending practices.
The @CFPB office that specializes in holding financial firms accountable for breaking discrimination laws now has no enforcement powers. To address Trump's patronizing question directed at African American voters, this is one of many things we had to lose. https://t.co/qREsmEpty0
— Jamil Smith (@JamilSmith) February 1, 2018
The move has left communities of color stunned to find America dragging them backwards once agan to a racist past, in which they could be denied mortgages, auto loans, and small business loans with impunity, simply because of the color of their skin.
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According to today’s Washington Post:
‘These changes . . . threaten effective enforcement of civil rights laws, and increase the likelihood that people will continue to face discriminatory access and pricing as they navigate their economic lives,’ Lisa Donner, executive director of Americans for Financial Reform, said in a statement.
Eviscerating the Office of Fair Lending also endangers the financial opportunities of women, the LGBTQ community, Muslims, and other marginalized consumers.
The CFPB, established in 2011 by Elizabeth Warren at President Obama’s behest, has faced an onslaught of attacks from the Trump administration.
In the Fall, following the only agendas he knows — erasing the legacy of America’s first black president and helping big business exploit regular folks — Trump illegally strong-armed pro-Wall Street Mick Mulvaney into the CFPB’s top position, ousting Leandra English the rightful successor to former chief Richard Cordray.
Yesterday, consumers achieved a major victory when the D.C. Court of Appeals ruled that the Presidon’t can’t fire the bureau’s director at will.
Today, the Trump administration retaliated by undemocratically gutting the anti-discrimination powers that enable the Office of Fair Lending to win major settlements for consumers who have been discriminated against.
Journalist Jamil Smith spoke for millions of Americans, when he responded to the news on Twitter today: “.To address Trump’s patronizing question directed at African American voters, this is one of many things we had to lose.”