California Attorney General Xavier Becerra and 17 other attorneys general have called on the Trump Administration to respect the Consumer Financial Protection Bureau’s independence.
The CFPB works tirelessly to protect consumers from fraud, abuse, and unfair business practices and has returned $12 billion to American consumers since being created in the wake of the financial crisis. It was carefully crafted by Congress to be an independent agency.
On November 24, CFPB Director Richard Cordray stepped down and Deputy Director Leandra English became acting director pursuant to the law governing the CFPB, 12 USC s. 5491(b)(2), which states: “There is established the position of Deputy Director, who shall – (A) be appointed by the Director; and (B) serve as acting Director in the absence or unavailability of the Director.”
That same day, President Donald Trump moved to politically appoint a known antagonist of the CFPB, Mick Mulvaney, the Office of Management and Budget Director, as the acting CFPB Director. “Sick, sad joke” are the words Mulvaney has used to describe the agency which protects consumers, veterans and loan borrowers.
“Under the leadership of Richard Cordray, the CFPB set new standards for protecting mortgage and student borrowers, brought landmark actions against big banks, and proposed critical reforms to payday lending practices, mandatory arbitration, and bank overdraft fees,” Becerra said.
“President Donald Trump, however, is attempting a hostile takeover of this independent agency by contravening the Dodd-Frank Act and installing as acting director a man who has repeatedly sided with Wall Street instead of Main Street. It is an absolute insult to hardworking Americans,” he said.
“In California and the Attorney General’s Office, we are committed to moving forward, and we will do everything in our power to defend this critical agency,” Becerra said. “The CFPB must remain independent of Wall Street and politics. Its job is to protect and empower consumers.”
In the amicus brief, Attorney General Becerra and 17 attorneys general argue that while there is a legal mechanism for President Trump to nominate a new director for the CFPB – an appointment subject to the advice and consent of the Senate – President Trump has not taken that path here. Undermining the statutory structure of the agency harms the states’ ability to enforce myriad consumer financial laws that protect their residents.
Attorney General Becerra joins the Attorneys General of Washington D.C., Connecticut, Delaware, Hawai’i, Illinois, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont and Washington in filing this amicus brief.
Since taking office, Attorney General Becerra has supported and worked with the CFPB. Among other actions, he stands with the agency for issuing its Payday Lending Rule, which will prevent the worst harms associated with short-term payday lending, and for launching its Arbitration Rule, which would have allowed people to pursue justice against financial services companies had it not been overturned by Republicans in Congress.
In addition, Attorney General Becerra, joined by 12 attorneys general and the Consumer Financial Protection Bureau, secured a settlement with Aequitas Capital Management Inc., a private equity firm, to provide more than $51 million in debt relief to Californians who attended Corinthian Colleges and $183 million nationwide.
SACRAMENTO (CN) — California voters are anxious about the intensifying drought and dwindling water supply and nearly 80% believe climate change is fueling the fast start to the wildfire season, according to a statewide poll released Wednesday.
College of the Canyons has received a $74,707 Campus as a Living Lab (CALL) grant from the National Science Foundation (NSF) to provide opportunities for underrepresented community college students to engage in undergraduate research focusing on native bees.
Local nonprofit Fostering Youth Independence (FYI) held its fifth annual Back to School Bash, where students received backpacks and school supplies for the upcoming semester, and for the first time also featured a career fair featuring eleven speakers from the FYI community who explained their jobs and career qualifications.
The Los Angeles County Department of Public Health continues cautioning residents who are planning to visit several Los Angeles County beaches, including beaches near Hyperion, to be careful of swimming, surfing, and playing in ocean waters around discharging storm drains, creeks, and rivers.
SACRAMENTO — State Superintendent of Public Instruction Tony Thurmond hosted a webinar on Thursday for local educational agencies (LEAs) and education partners to lead a discussion on how schools can use new state and federal funding to invest in strategies that will facilitate a safe and impactful return to in-person learning.
The Los Angeles County Department of Public Health confirmed Thursday 17 new deaths, including one in the Santa Clarita Valley and 3,248 new cases of COVID-19 countywide, with 29,772 total cases in the Santa Clarita Valley.
Yair Haimoff, SIOR, and Andrew Ghassemi of Spectrum Commercial Real Estate, are pleased to have represented the seller in the recent sale of this ±4,828-square-foot office/flex condo in a prime Valencia location.
As the Santa Clarita Public Library takes a programming break to prepare for Fall programming in September, residents are reminded to take advantage of the wide variety of services and online resources available.
The Los Angeles County Department of Public Health is cautioning residents who are planning to visit several Los Angeles County beaches near Dockweiler and El Segundo to be careful of swimming, surfing, and playing in ocean waters around discharging storm drains, creeks, and rivers.