Way back before she decided she’d like to be a Senator, Elizabeth “Fauxcahontas” Warren was championing financial services reform and heap specifically the creation of a Consumer Financial Services Bureau that would supposedly do everything a progressive heroine could want. From reining in bad guys in the financial space to working for pet liberal agenda items like making private business lend more to non-creditworthy people if they had a certain demographic profile, her bureau would do it all.
But it turns out that the agency that’s supposed to make big power players be nice to discriminated-against minorities is currently being accused of using its power to rough up one of the most discriminated-against minorities in American history. I’m so excited for you to find out who I mean right now.
The CFPB is being called out for mistreating Fauxcahontas’ “own” people, you see. Oh yes. That’s right: Native Americans.
Allow me to demonstrate the correct reaction here: !!
Listen to this, from a Tribal Leader:
Treppa said that her tribe had transformed its economy and governmental services through its online short-term lending business — progress the CFPB’s rule could undermine, she said.
“The CFPB’s refusal to work with tribes in a government-to-government manner is not consistent with the federal government’s trust responsibility to tribal governments, nor does it respect the inherent sovereignty of Indian tribes,” Treppa said.
The CFPB is expected to issue its rule-makings for payday lending and auto title loans within the next few months, after the agency unveiled proposals last spring for how it intends to address the industry.
I’m no fan of these services, but there is nothing but delight in the idea that Warren’s brainchild is being accused of “disregard” of Tribal frameworks and structures. Do we not hear the lament every year in November from every liberal corner, each of which Warren calls home, that the government has failed and continues to fail to respect tribal independence? And here we are in another dispute.
The key in their objection, of course, is the failure to work with tribes in a manner “consistent with the federal government’s trust responsibility to tribal government.” I know you just read that. It bore repeating.
Now look, the CFPB has previously been in trouble for other alleged racial and gender discrimination against employees. And financial services is another policy area where there are also disagreements over who has regulatory authority in a bunch of different situations (state regulators or the federal authorities). In that sense, it’s not surprising things would go wrong.
But surely Elizabeth Warren should speak up for “her people” against the agency that is allegedly keeping them down, ignoring their rules and, most interestingly of all, regulating them from D.C. You know the agency I mean.