Fulford decries vote to strip consumer protections
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On Jan 18, 2018, Rep. Poliquin voted to approve H.R. 2954 Home Mortgage Disclosure Adjustment Act which will exempt up to 85 percent of mortgage lenders from providing basic facts about the mortgages they write to federal financial regulatory agencies. It was the lack of this information that allowed the US mortgage market to spin out of control leading to the massive economic meltdown in 2009 that we are still recovering from.
Jonathan Fulford, Democratic candidate for CD2 stated: “When Rep. Poliquin complains about over regulation of Wall Street, what he is trying to do is eliminate our consumer protections. Rep. Poliquin has voted to help his friends and donors in the financial sector by voting for a bill that will harm his constituents. ”
Poliquin’s vote comes at the same time that the Trump administration continues to strip away consumer protection from predatory lending. On Tuesday the Consumer Financial Protection Bureau indicated it will delay compliance on the Payday Lending Rule developed during the Obama administration that limits how often indebted consumers can obtain short-term loans and how much money they can borrow at very high interest rates.
Fulford further stated: “Poliquin and Trump are both working to allow banks and other lenders to take unfair advantage of consumers seeking simple financial tools. This happens when politicians’ first priority is Wall Street’s interest and not their constituents.”
Jonathan Fulford is committed to shining a light on banks, Wall St and Washington DC. He expects our government to protect consumers from future bubbles and meltdowns caused by the risky behavior of banks and Wall Street.