They rip people off to the tune of tens of billions of dollars a year, punish people for not being rich with higher fees and higher rates, and worsen the racial wealth gap. The Consumer Financial Protection Bureau was created to stop this kind of abusive corporate behavior, and to hold financial companies accountable when they break the law.
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Blog: Supervision Shut Down at CFPB Erases Consumer Protections
The Consumer Financial Protection Bureau is expected to let hundreds of corporations and financial institutions off the hook for violations it was investigating. That means the millions of people who were counting on the agency for protection will be left without help, especially as it braces for layoffs of 90% of CFPB staff.
AFR in the News
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Bloomberg Law: FTC Sees Dismantling of Consumer Watchdog as Growth Opportunity
“The FTC does not have additional authority to address those issues that it didn’t have prior to the financial crisis,” [said Patrick Woodall, the managing director for policy at Americans for Financial Reform.]
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Reuters: Just 35 complaints of debanking cite political bias despite Trump order
“It’s not a real issue. ‘Debanking’ is an excuse for political attacks,” said Amanda Jackson, a director for Americans for Financial Reform, a coalition of progressive-leaning groups.
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Between the Lines: At Trump’s Urging, Judge Vacates Biden Rule Removing Medical Debt from Consumer Credit Scores
Blog: Supervision Shut Down at CFPB Erases Consumer Protections
