How Trump's Swamp Is Taking Over The Consumer Financial Protection Bureau

How Trump's Swamp Is Taking Over The Consumer Financial Protection Bureau
    >>AS OF THIS WEEK THE CONSUMER FINANCIAL PROTECTION BUREAU NOW
    HAS A NEW HEAD, BUT I CAN'T REALLY TELL YOU WHO IT IS, IT
    DEPENDS ON WHO YOU TALK TO.
    IT'S COMPLICATED --
    >>AND THEN SOME COMPLICATED SHENANIGANS BEGAN --
    >>AS OF THIS MORNING AT LEAST ALL FOR SAYING THEY WERE
    FUNCTIONING AS THE HEAD OF THE CONSUMER FINANCIAL PROTECTION
    BUREAU.
    WHAT IS INTERESTING IS A SENATOR WHO IS SORT OF AN EXPERT
    ON THIS ORGANIZATION SAID THAT THERE REALLY SHOULDN'T BE ANY
    COMPLICATED IDEAS OF WHO IS IN CHARGE OF IT, IF WE COULD BRING
    THIS UP YOU WILL SEE A TWEET HERE -- THE DODD-FRANK ACT IS
    CLEAR, IF THERE IS A VACANCY THE DEPUTY DIRECTOR BECOMES ACTING
    DIRECTOR.
    WE HIGHLIGHTED THAT SECTION THAT SAYS THEY SERVE IN
    ACTING DIRECTOR IN THE ABSENCE OR UNAVAILABILITY OF DIRECTOR.
    THAT DIRECTOR HAS BEEN ABSENT SINCE FRIDAY, SO SENATOR WARREN
    HAS A GOOD POINT.
    BUT IT'S WEIRD, THE TIMELINE, IF YOU
    BRING UP THIS NEXT GRAPHIC YOU WILL SEE THAT THEY ARE HAVING
    SORT OF A GAME OF THRONES STYLE BACK-AND-FORTH, MULVANEY COMES
    IN, SAYS HE'S HARD AT WORK, HAS A PHOTO OF HIM WITH DUNKIN
    DONUTS, THAT'S A GOOD CHOICE, I LIKE THOSE.
    >>AGREED.
    >>ENGLISH IS STILL SIGNING EMAILS AS THE ACTING DIRECTOR,
    THEN LATER MULVANEY SAYS NOT TO LISTEN TO HER, THEN THERE IS A
    LAWSUIT.
    FOR REASONS WE WILL GET INTO BASED ON BOTH AN INTERVIEW
    WITH SENATOR WARREN AND ALSO THE RESULTS OF AN INVESTIGATION BY
    TYT INVESTIGATES, IT REALLY MATTERS WHICH OF THESE TWO
    IS IN CHARGE OF THE ORGANIZATION.
    >>I BELIEVE THE LANNISTERS WILL COME OUT ON TOP, BECAUSE THEY
    ALWAYS PAY THEIR DEBTS AND THIS IS THE CONSUMER PROTECTION
    BUREAU.
    FIRST OF ALL THIS IS AMAZING, SECOND OF ALL THE
    ANSWER I THINK IS CLEAR, AND HOW IT GETS APPLIED IS TOTALLY
    UNCLEAR.
    THE LAW THE TRUMP ADMINISTRATION IS USING TO
    JUSTIFY MULVANEY AS ACTING DIRECTOR SAYS THAT THE PRESIDENT
    GETS TO FILL VACANCIES AT THE EXECUTIVE BRANCH -- SO FAR THAT
    MAKES SENSE FROM THE TRUMP POINT OF VIEW -- UNLESS THERE IS A LAW
    SAYING HOW THAT VACANCY WOULD NORMALLY BE FILLED.
    IN THE CASE
    OF THE CONSUMER FINANCIAL PROTECTION BUREAU THERE IS A
    CLEAR LAW THAT SAYS IF THE ACTING DIRECTOR -- IF THE
    DIRECTOR STEPS DOWN, THE DEPUTY DIRECTOR WILL BECOME ACTING
    DIRECTOR.
    >>IT'S SO SIMPLE THAT WE FIT IT IN THAT LITTLE TWEET.
    >>THAT'S RIGHT.
    SO THE LAW TRUMP IS RELYING ON IS NOT
    RELEVANT, BECAUSE THAT LOSSES IF THERE IS NO LAW SAYING WHO WILL
    BE THE DIRECTOR, THEN YOU CAN APPOINT THEM, BUT IN THIS CASE
    THERE IS A LAW SAYING WHO WILL BE THE DIRECTOR, IT'S
    DODD-FRANK, WHICH CLEARLY SAYS THE DEPUTY DIRECTOR WILL BE
    ACTING DIRECTOR.
    I THINK A COURT COULD TAKE ABOUT 30 SECONDS TO
    DECIDE THIS.
    THE APPLICATION THOUGH IS WILDLY COMPLICATED,
    BECAUSE IF YOU ARE SITTING IN THE CONSUMER FINANCIAL
    PROTECTION BUREAU TODAY AS THE TWO DIFFERENT KINGS HAVE SHOWN
    UP, ONE IS LANNISTER, ONE IS STARK THEN YOU GO TO YOUR LEGAL
    COUNSEL AND THEY HAVE TO DECIDE WHO IS ACTING DIRECTOR.
    THE
    PROBLEM IS THE LEGAL COUNSEL IS TAKING THEIR MEMO FROM THE
    JUSTICE DEPARTMENT, THE GUY WHO WROTE THE MEMO AT THE JUSTICE
    DEPARTMENT SAYING MULVANEY SHOULD BE IN CHARGE IS A GUY WHO
    WAS JUST WORKING FOR A PAYDAY LENDER THAT WAS ASSESSED A FINE
    BY THE CONSUMER FINANCIAL PRODUCTION BUREAU.
    SO THE TRUMP
    SWAMP HAS DECIDED THAT THE GUY WHO WAS JUST GETTING PAID BY THE
    PEOPLE THAT THE CONSUMER FINANCIAL PROTECTION BUREAU WAS
    INVESTIGATING SHOULD DECIDE THAT IT SHOULD BE MULVANEY, WHO WOULD
    LIKE TO LITERALLY DESTROY THE DEPARTMENT ALTOGETHER.
    HE COSPONSORED LEGISLATION TO ELIMINATE THE DEPARTMENT,
    DESTROY IT COMPLETELY.
    >>IT SOUNDS LIKE WHAT YOU ARE SAYING IS THE KING HAS JUST DIED
    AND NOW CIRSE AND THE STARKS WANT POWER, WHO WILL THE CITY
    WATCH GO WITH?
    I GUESS IT WOULD BE LITTLEFINGER IN THIS CASE.
    WHY IS IT SO IMPORTANT TO TRUMP AND PAYDAY LENDERS THAT THEY GET
    MULVANEY INSTEAD OF THE SOUTHERN PERSON?
    THERE ARE GOOD REASONS
    FOR THAT, WE HAVE SOME INFORMATION COMING OUT OF AN
    ARTICLE TODAY RELEASED BY TYT INVESTIGATES --
    >>THAT IS WORRYING SINCE THAT ORGANIZATION IS SUPPOSED TO
    PROVIDE A CHECK ON THE RAMPANT POWER OF BANKS -- THE SORT OF
    CRASH THEY INSTITUTED THAT WAS THE CAUSE OF THE CONSUMER
    FINANCIAL PROTECTION BUREAU BEING DEVELOPED IN THE FIRST
    PLACE.
    BUT MORE SPECIFICALLY, IN THIS CASE --
    >>APPARENTLY HE IS GOING TO DO, AS YOU POINTED OUT, EVEN
    INDIRECTLY WITH HAVING THE PERSON WHO WORKS FOR THEM BEING
    THE ONE WHO IS SORT OF MAKING THE CALL ON WHO GETS TO LEAD
    THE GROUP UNTIL A NEW PERMANENT DIRECTOR IS PUT INTO PLACE.
    >>LET'S PAUSE TO SEE HOW SWAMPY THAT IS.
    REVIEWING -- THIS
    PAYDAY LENDER GETS A NOTICE FROM THE CONSUMER FINANCIAL
    PROTECTION BUREAU, WE ARE GOING TO PROTECT CONSUMERS FROM YOU.
    THEY ARE HUGE POLITICAL DONORS, THEY TURN TO ALL THE PEOPLE
    THEY'VE DONATED TO, INCLUDING THE TRUMP ADMINISTRATION AND
    MICK MULVANEY, AND THEY SAY INTERCEDE ON OUR BEHALF, DON'T
    LET THEM PROTECT CONSUMERS FROM US.
    AND THE TRUMP ADMINISTER
    RATION GOES, NO PROBLEM, I WILL PUT THE GUY YOU GAVE MONEY TO,
    MULVANEY, AS THE HEAD OF THE GROUP, HE WANTS TO DESTROY THE
    GROUP, HE WILL DESTROY ALL REGULATIONS THAT MIGHT PROTECT
    CONSUMERS FROM YOU, SO I WILL PUT MULVANEY IN CHARGE, THEN I
    WILL PUT THE GUY WHO IS MAKING THE DECISION AS TO WHO THE
    ACTING DIRECTOR IS AS SOMEONE WHO JUST WORKS FOR YOU.
    SO YOU
    PAID OFF ENOUGH PEOPLE INSIDE THE GOVERNMENT, THAT DON'T
    WORRY, YOU WILL GET TO ROB CONSUMERS JUST LIKE YOU WERE
    PLANNING TO BEFORE THIS MEDDLESOME GROUP WITHIN THE
    GOVERNMENT MEANT TO PROTECT THE CITIZENS ACTUALLY PROTECTS THE
    CITIZENS.
    THIS IS SWAMP 101.
    >>AND YOU HAD TRUMP OVER THE WEEKEND TWEETING ABOUT HOW BADLY
    THEY NEED REFORM AT THIS ORGANIZATION, SAYING THAT IT
    WASN'T WORKING RIGHT FOR BANKS.
    EVERY OTHER PART OF THE
    GOVERNMENT WORKS FOR BANKS, THIS IS THE ONE PART THAT IS SUPPOSED
    TO WORK FOR US.
    AND IN GENERAL TERMS OF COURSE IT HAS DONE
    GREAT THINGS OVER THE PAST SIX OR SO YEARS IN HELPING RELIEVE
    PEOPLE OF UNNECESSARY AND CONTESTED DEBTS, RECOVER MONEY
    FROM BANKS AND ORGANIZATIONS THAT BROKE THE LAW, STUFF LIKE
    THAT, BUT WE AREN'T JUST TALKING ABOUT BANKS, WE ARE TALKING
    ABOUT PAYDAY LENDERS, THAT ARE THE PEOPLE THAT EVEN BANKS DON'T
    WANT TO BE IN THE ROOM WITH, THAT ARE SPECIFICALLY DESIGNED
    TO STEAL EVERY LAST CENT FROM PEOPLE WHO CAN'T AFFORD TO HAVE
    A SENTENCE STOLEN FROM THEM.
    SO AFTER A FEW PROTECTIONS FOR
    PEOPLE LIKE YOU, THEY WILL THROW THE CONSTITUTION IN THE TRASH SO
    THEY CAN GET THEIR WAY.
    ELIZABETH WARREN WAS INTERVIEWED
    ABOUT SOME OF THIS, SHE SAID --
    >>THEN SHE HAD SOME THOUGHTS ON THE TWO DUELING HEADS ON
    THE ORGANIZATION, SAYING --
    >>THAT IS ENGLISH, NOW WHAT ABOUT MULVANEY?
    SHE SAID --
    >>I LOVE THAT TYT INVESTIGATES IS LOOKING INTO THE DONORS,
    THAT'S DEFINITELY CAUSE FOR CONCERN, A FINANCIAL CONFLICT OF
    INTEREST IN THE TERMS OF MULVANEY.
    BUT IN THIS CASE I
    DON'T THINK WE NEED IT QUITE AS MUCH BECAUSE THIS GUY HAS CALLED
    THIS ORGANIZATION A SAD, SICK JOKE, AND TODAY SAID THAT'S NOT
    FAIR, HE WAS MISQUOTED, WHAT HE ACTUALLY SAID WAS IT WAS A JOKE
    IN A SAD, SICK KIND OF WAY, WHICH I'M NOT SURE IS BETTER,
    AND AS YOU SAID COSPONSORED LEGISLATION IN 2015 TO ELIMINATE
    IT ENTIRELY AND SAID, QUOTE, I DON'T LIKE THE FACT THAT CFPB
    EXISTS.
    >>THAT IS PRETTY CLEAR, IT'S PUTTING THE BANK ROBBER IN
    CHARGE OF THE BANK.
    IT'S FUNNY BECAUSE THEY HAVE $12 BILLION IN
    REASONS AS TO WHY TO DO IT, AND THAT'S JUST WHAT HAS HAPPENED IN
    THE PAST, LITTLE ON THE FUTURE -- SO FAR THE CONSUMER FINANCIAL
    PROTECTION BUREAU HAS HANDLED MORE THAN 1.2 MILLION CONSUMER
    COMPLAINTS, THAT IS YOU GUYS, SAYING MY BANK MIGHT HAVE RIPPED
    ME OFF.
    WHAT DO THEY DO NEXT?
    THEY DON'T JUST TAKE YOUR WORD
    FOR IT AND THROW MONEY AT YOU, THEY DO AN INVESTIGATION AND
    SOMETIMES THOSE COMPLAINTS ARE NOT MERITED, SOMETIMES THEY ARE
    TOO HARD TO ADJUDICATE, BUT SOME ARE LEGITIMATE.
    IN FACT A LOT OF
    THEM ARE. AND ONCE THEY GET THROUGH THAT THEY HAVE TO THEN
    DEAL WITH THE ARMY OF LAWYERS BANKS THROW AT THEM, AND AFTER
    ALL OF THAT IS THROUGH THE RETURNED $12 BILLION TO AMERICAN
    CITIZENS THAT THE BANKS HAD CLEARLY, INDISPUTABLY -- EVEN
    THEIR LAWYERS WOULD SAY OKAY, LET'S PAY THIS ONE BACK -- $12
    BILLION THEY HAD TAKEN FROM YOU AND PUT INTO BANKING EXECUTIVES'
    POCKETS.
    THE ELITES IN NEW YORK AND WASHINGTON WONDER WHY
    REGULAR AMERICANS DON'T LIKE BANKERS.
    THERE ALWAYS SO
    SURPRISED.
    WHY?
    IN THE COCKTAIL CIRCUIT I HAVE A LOT OF GREAT
    BANKING FRIENDS.
    OF COURSE YOU NEED BANKS AND OF COURSE PLENTY
    OF GREAT PEOPLE WORK AT FINANCIAL INSTITUTIONS BUT YES,
    THERE ARE ALSO PEOPLE WHO RIPPED OFF AMERICANS TO THE TUNE OF AT
    LEAST $12 BILLION, WHICH THIS AGENCY GOT BACK FOR THE AMERICAN
    PEOPLE.
    SO THE BANKS HATE THIS AGENCY, BECAUSE THEY WANT TO BE
    ABLE TO RIP YOU OFF.
    NOT EVERY BANK, NOT EVERY EXECUTIVE, NOT
    REMOTELY.
    BUT A LOT OF THEM.
    >>AND IT'S IMPORTANT TO POINT OUT, YOU SORT OF DID ALREADY,
    THAT THEY HAVE RECOVERED THE $12 BILLION, BUT THINK ABOUT WHAT
    ELIZABETH WARREN SAID ABOUT THE EFFECT ON BEHAVIOR, 12 BILLION
    IS WHAT THEY STILL STOLE AND THE ORGANIZATION WAS ABLE TO GET
    BACK, BUT WHAT ABOUT THE FACT THAT THAT ORGANIZATION'S
    INVESTIGATIONS CHANGED BANK BEHAVIOR, IT MIGHT HAVE BEEN FAR
    MORE THAN 12 BILLION.
    >>AND TRUMP RAN AGAINST THE GLOBAL FINANCIAL ELITES.
    HE
    MENTIONED THEM IN ONE AD AFTER ANOTHER.
    NOW, YOU WANT TO TALK
    ABOUT A SICK, SAD JOKE?
    THAT'S UNFORTUNATELY NOT ONLY THE TRUMP
    CAMPAIGN, BUT I HAVE TO BE HONEST WITH YOU, THE JOKE IS ON
    THE TRUMP VOTERS.
    HE TOLD YOU HE WOULD DRAIN THE SWAMP AND WAS
    AGAINST THE FINANCIAL ELITES, NOW HE TURNS AROUND AND IN HIS
    TWEET HE SAID, QUOTE, FINANCIAL INSTITUTIONS HAVE BEEN
    DEVASTATED.
    THE POOR FINANCIAL INSTITUTIONS THAT HE RAN HIS
    WHOLE CAMPAIGN AGAINST, HE IS NOW HEARTBROKEN OVER HOW THE
    CONSUMER FINANCIAL PROTECTION BUREAU HAS REGULATED THEM
    AND BEEN EFFECTIVE COPS, SOMEWHAT, AGAINST THEM.
    LET ME
    BRING IN MICK MULVANEY, WHO I KNOW WANTS TO DESTROY THIS ON
    BEHALF OF THEIR BANKER DONORS.
    TECHNICALLY I CAN'T MAKE HIM
    ACTING DIRECTOR, I DON'T CARE ABOUT THE LAW, I WILL GET
    ANOTHER CORRUPT GUY IN THE DEPARTMENT OF JUSTICE TO DO AN
    OPINION SAYING SURE WE CAN.
    IT WILL GO TO THE COURTS, AND YOU
    WILL SEE -- WE WILL BE PROVEN RIGHT BECAUSE THE LAW IS
    ACTUALLY EXCEEDINGLY CLEAR.
    EVEN IF IT WENT IN FRONT OF
    REPUBLICAN JUDGES I WOULD BE SHOCKED IF THEY WEREN'T LIKE,
    COME ON, MAN, IT SAYS RIGHT THERE, UNLESS THERE IS A LAW
    SAYING HOW THE DIRECTOR IS PICKED, AND THERE IS A LAW.
    YOU
    DON'T HAVE ANY AUTHORITY HERE.
    BUT BY THE TIME THEY'VE DONE
    THAT, MULVANEY WILL HAVE CAUSED CHAOS AT THE AGENCY, COMPLETELY
    DEBILITATED IT, AND LET HIS BANKER FRIENDS RUN WILD.
    AND NOT
    THE GOOD BANKERS, THE ONES THAT INTENDS TO DO HARM AND DON'T
    WANT ANY COPS ON THE STREET.
    THAT'S WHO TRUMP IS, THAT'S WHO
    MULVANEY IS, AND RIGHT NOW THEY ARE LETTING THE BAD BANKERS WALK
    INTO THE BACK OF THE BANK WITH HUGE DUFFEL BAGS GOING, OH,
    PAYDAY BABY, TIME FOR US TO GO BACK TO WORK ROBBING AMERICAN
    TAXPAYERS.
    AND THAT IS WHAT THEY ARE GOING TO DO.
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