By David Lazarus
“Nevertheless, Remington Gregg, an attorney with the advocacy group Public Citizen, told me financial firms wasted little time after Trump took office in challenging the federal prohibition against abusive behavior.”
“Gregg said the Trump administration wanted businesses to know it felt their pain. So it placed limits on official repercussions for abusing customers.
These limits included issuing fines for abusiveness ‘only when there has been a lack of a good-faith effort to comply with the law,’ which is, of course, ridiculous.
That meant any company that claimed it was really, truly trying to comply with the law — Scout’s honor! — couldn’t be penalized for taking advantage of people.
Gregg said the Trump administration’s policy shift last year ‘was really nothing more than a signal to industry to go ahead and not worry about the CFPB using its abusiveness standard in its enforcement or supervisory powers.’”