Financial deregulation already in progress

[stpioc]

The acting head of the Consumer Financial Protection Bureau (CFPB) is reportedly mulling whether to go ahead with a multimillion-dollar penalty for alleged mortgage fraud by Wells Fargo. Reuters reported that the CFPB and Wells Fargo had been hashing out a settlement over the bank charging potentially more than 100,000 mortgage borrowers unnecessary fees to lock in low mortgage rates.

Acting CFPB Director Mick Mulvaney, the White House budget director, said last week he’d review each of the 14 pending enforcement actions left to him by former Director Richard Cordray. Mulvaney, a staunch conservative, had routinely spoken out against the CFPB as a congressman, sponsoring bills to eliminate the agency. He and fellow Republicans have accused Cordray and the CFPB of abusing its unique independence and broad power to harm the financial markets. “The structure of the CFPB is just fundamentally flawed. Authority that I have now as the acting director really should frighten people,” Mulvaney said last week on Fox Business.

“We’re going to try and limit as much as we can what the CFPB does to sort of interfere with capitalism and with the financial services market," he said..

Consumer bureau reconsidering fine against Wells Fargo for mortgage fees: report | TheHill

• Yea, give these financial institutions free reign to scam customers and blow up the financial system. When they do that, they can always be bailed out by your money, whilst scamming people with robo foreclosures.
  

Since Roosevelt introduced decent financial regulation we haven't had a major financial crash until we began to deregulate financial markets, which are especially prone to information asymmetries (a well known market failure were one party to a transaction can scam another party simply by having an information advantage). Some of these financial crisis:

• The housing and loan crisis
  
• The junk bond crash
  
• The financial crisis
  
• The foreclosure crisis
  
• Scamming LIBOR
  
• Wells Fargo Roboaccounts
  
• Wells Fargo 
  

And this is just from memory, we're sure there have been quite a few more. In case you think banks and other financial institutions don't need regulation, see here a list with bank scams.