After the last great financial crisis in America, President Obama helped to create the CFPB. The Consumer Financial Protection Bureau was intended to help consumers stay out of debt. One way they have done this is to increase regulation, and make it harder to borrow money. President Trump has vowed to help the working class.
One of the ways in which he intends to boost the economy is to take power away from the CFPB. By freeing up lending institutions from excessive red tape, it will be easier for small businesses, independent lenders, and community banks to lend money to the people who need it most.
As with every other move President Trump makes, this course of action is being praised by some and decried by others. The question remains – will restricting the CFPB help the working class, or help the Big Banks to get bigger? (more…)