2017-08-23 16:19:12

Trump Betrays Consumers In Favor of Predatory Lenders, Gun Sellers

GUEST: David Dayen, contributor to The Intercept, the Nation, and a weekly columnist for the New Republic. He is the author of Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud. His latest article in The Intercept is called More Trump Populism: DOJ Shuts Down an Operation That Was Successfully Combating Consumer Fraud.

BACKGROUND: Donald Trump's Justice Department has quietly ended a consumer protection program that the Obama Administration had put into place and that had been proven to work.

Operation Choke Point was meant to protect bank account holders from dubious and fraudulent withdrawals by predatory lenders and others. The program, which began in 2013, held banks accountable for ensuring the protection of their account holders.

But the program came under fire from right wing business interests that complained about government overreach and claimed that legitimate businesses including gun sellers were being impacted.

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