(Salon) -- Debbie Wasserman Schultz, the chair of the Democratic National Committee, has joined the Republican assault on the Consumer Financial Protection Bureau.
Sen. Elizabeth Warren helped create the bureau in the wake of the 2008 financial crisis in order to protect Americans from the malicious practices of the financial industry — particularly banks, toxic mortgage lenders, debt collectors and payday loan companies.
The Consumer Financial Protection Bureau has created pending new regulations in order to protect Americans from payday loan sharks, companies that make enormous profits off of predatory lending, exploiting the poor and uneducated by advertising quick and convenient loans while downplaying the concomitant skyrocketing interest. The bureau hopes to reign in the industry.
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Not if the DNC can stop it, however. For Wasserman Schultz has thrown her weight behind the Republican effort to sabotage the bureau’s proposed regulations of the out-of-control predatory lending.