The “Consumer Financial Protection Bureau” Caves to the Corporatocracy
Once again, a cleverly named government agency — the “Consumer Financial Protection Bureau” (supposedly created to protect consumers) — caves to the corporatocracy:
The Consumer Financial Protection Bureau has decided not to challenge credit card companies on introductory fees. Credit card companies had been more aggressive in charging fees to users before they use a credit card, ever since new regulations made it so they could no longer charge more than 25 percent of the total credit limit in standard fees.
The CFPB originally proposed regulations to eliminate the introductory fees, but on Thursday relented and decided not to pursue the matter.
This agency is a joke.
I’m so glad it’s Friday.