FLASH: Massive Upheaval at CFPB & the Monumental Future for the Payday Loan Industry
By: Jer Ayles. You’re aware of the dark cloud hanging over the payday loan industry since 2013
It was a BIG, REPULSIVE, FRIGHTFUL, NASTY cloud; a visible, billowing, dark mass of vapor hanging over the small dollar loan industry. [Think Elizabeth Warren.]
This cloud was given a name.
We know this cloud as “The CFPB” or “EW” for short.
“The Consumer Financial Protection Board.”
Well, guess what dear reader?
This blood sucking, murky, overcast, confused muddle IS GONE!
Rainbows, opportunity, sunshine and smiles all around!
A shindig for money lenders and consumers begins today!
As lenders, we can get back to our business of lending money to the masses enabling our clients to solve their financial challenges; fix their car, buy that refrigerator, get their prescriptions, invest in their school books and generally just get on with living.
President Trump appointed Mick Mulvaney as the new director of the CFPB.
The mission given to Director Mulvaney by President Trump? “TO FIX IT! To protect people without trampling on capitalism.” Without choking off access to financial services. Folks in the lower end of the middle classes…”
Director Mulvaney’s first words? “Regulators must protect people without choking lending. I won’t set the CFPB agency on fire, but it will change.”
Director Mulvaney added, “Anybody who thinks that the Trump administration CFPB will be the same as an Obama administration CFPB is simply being naïve.”
Both Director Mulvaney and President Trump “felt the CFPB under the previous administration had GONE TOO FAR…”
Mick Mulvaney, once called the Consumer Financial Protection Bureau the “worst kind” of government entity, vowed to keep the agency open while making changes that protect people without choking off capitalism.
“Elections have consequences at every agency, and that includes the CFPB,” Mulvaney said.
“Things are going to be different,” Mulvaney said.“I consider the CFPB to be part of the executive branch of government. That means that it is charged with executing the laws.”
All I can say Dear Reader is HALLELUJAH!!!!!!!!!!!!!!!
Here’s a link to Director Mulvaney speaking before reporters: LINK