Created as an agency that is fiercely independent to protect citizens, the buyer Financial Protection Bureau
has quickly been subsumed to the Trump administration. Banking institutions, student-loan agencies and lenders that are payday the champions.
But Mulvaney couldn??™t overturn the ability-to-pay guideline.
As it have been finalized, he didn??™t have the appropriate authority to reverse it by himself. Mulvaney announced that the bureau would start reconsidering the guideline, an elaborate and process that is potentially lengthy. The CFPB, under Cordray, had spent 5 years investigating and planning it.
Meanwhile, the payday lenders considered Congress.
