Dear Editor: Big thanks to Dave Zweifel for continuing to highlight Washington’s disappointing efforts to undo critical consumer protections (“Kudos to Josh Kaul for fighting Trump’s attacks on consumer protection,” October 2 As Zweifel notes, the US Consumer Bureau (or CFPB) was created to defend consumers when they get scammed by predatory lenders, debt collectors, or financial institutions large and small. But under its news management, the Office does everything but its job.
Kudos to Attorney General Kaul for taking a stand against CFPB Director Kraninger’s plans to expose consumers to predatory debt collection practices last month. We share his concerns. The AG also deserves credit for opposing the Bureau’s removal of protections for payday loan borrowers earlier this year. With a staggering average annual interest rate of 486% in Wisconsin, payday loans trap consumers who can least afford them in a spiral of debt.
The last thing we should do is make it easier for the payday lenders or predatory collectors who harass the millions of Americans who find themselves in debt. The people of Wisconsin should urge their members of Congress to oppose these CFPB efforts as well.
Thanks to Mr. Zweifel and The Cape Times for helping the public follow this story.