Barbara Boxer: Payday Lenders Henhouse
on Thursday, January 25, 2018Barbara Boxer Money Quote saying Trump has put another enemy of an agency in charge of the (@CFPB) in order to relax regulation and eliminate restrictions intended to protect consumers. Barbara Boxer said:
“A fox in the henhouse does not even begin to compare. Under Mick Mulvany, Trump's Consumer Financial Protection Bureau is now helping payday lenders prey on borrowers” — Barbara Boxer
In this quote, Barbara Boxer is strongly criticizing actions taken under Mick Mulvaney’s leadership of the Consumer Financial Protection Bureau (CFPB). She suggests predatory payday lenders, who charge extremely high interest rates on short-term loans, are being improperly aided by the CFPB instead of reigned in to protect consumers as intended.
By comparing this situation to the proverb of “a fox in the henhouse”, Boxer implies payday lenders are being given free rein to exploit vulnerable borrowers just as a fox would prey upon defenseless chickens. She argues Mulvaney has transformed the CFPB from an agency tasked with safeguarding consumers into one that now “helps” the payday loan industry through deregulation or lax enforcement.
The overall interpretation is that Boxer believes Mulvaney’s leadership represents a corruption of the CFPB’s mission, and that predatory financial actors are being improperly empowered and shielded from oversight under his direction at the agency meant to curb abusive lending practices.
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A fox in the henhouse does not even begin to compare. Under Mick Mulvany, Trump's Consumer Financial Protection Bureau is now helping payday lenders prey on borrowers. https://t.co/mJVNc2d2PN
— Barbara Boxer (@BarbaraBoxer) January 25, 2018