“Trump ran as a populist,” [said Christine Chen Zinner, senior policy counsel at Americans for Financial Reform.] “So the Trump administration really has a decision to make about whether any of the populist rhetoric that came out of their campaign is meaningful or just a cover to let Wall Street take control of CFPB.”
But imposing a blanket national ban would still be a major boon to consumers, Christine Chen Zinner, chief policy counsel at Americans for Financial Reform, told Yahoo Finance. If it’s implemented, the rule would make it easier for Americans to dispute unfair or incorrect hospital bills by taking away the threat that their credit score could be harmed if the debt is sent to collections.
“Weakening the CFPB, slowing its work, or steering it to favor industry over the public interest,” explains the advocacy group Americans for Financial Reform, “would give bad actors a green light to do their worst and further deepen this country’s racial wealth gap.”
The billionaire Elon Musk and the California venture capitalist Marc Andreessen have started a debate about the role of government that we should be having — but it might not go the way they would hope. They don’t like government agencies that stop corporations like theirs from ripping off consumers.
“I think you could sort of look at this . . . as a signpost for the future,” said Mark Hays, associate director for cryptocurrency and financial technology at the consumer advocate group Americans for Financial Reform. “If things go wrong, a report like this is one of those things that you look back on to say, ‘What were the early warning signs?’”
“High overdraft fees make it harder for customers to be able to return back to a positive balance,” [said Christine Chen Zinner, senior policy counsel at Americans for Financial Reform.] “It contributes to involuntary account closures, even from customers being blocked out of the banking system altogether.”
While the crypto industry is hoping for a more friendly regulatory environment, Mark Hays, associate director for cryptocurrency and financial technology at watchdog group Americans for Financial Reform, warned that there are risks from this.
“Signs are mounting that the second Trump administration will try, like the first iteration, to undermine the Consumer Financial Protection Bureau’s mission and capacity to safeguard the rights and wallets of families throughout the United States,” Americans for Financial Reform said in a statement last week.
Americans for Financial Reform has launched a tracker tallying the late fees that have been collected since 5th Circuit Court of Appeals stopped the Consumer Financial Protection Bureau’s limit on credit card late fees from taking effect.
“If you mean to stick up for the little guy, and not stick it to the little guy, you don’t pick nominees from industry for agencies that should be protecting the public interest,” said Patrick Woodall, managing director for policy at Americans for Financial Reform.