Tag Archives: CFPB

Fact Sheet: Slashing CFPB Budget to Fund Tax Cuts for Billionaires Would Gut the Agency, Increase Ripoffs and Fraud, and Let Financial Predators off the Hook

The Republican Congress has proposed severe budget cuts to the CFPB that prevents the agency from fulfilling its statutory mandates to protect people. The attempt to shut down the CFPB protects powerful banks, predatory lenders, and tech billionaires instead of standing up for people all to help pay for tax cuts for the rich.

A book titled "Consumer Protection" on a desk with a gavel resting on top

Blog: Trump CFPB Abandons Data Broker Rule Aimed at Decreasing Fraud and Identity Theft

Earlier this week, the Trump CFPB withdrew the agency’s previously proposed data broker rule, which would have limited how our sensitive and private financial data is collected, used, and sold. With little to no other regulation over data brokers, the withdrawal of this rule will allow companies to collect and sell our private and sensitive financial data to third party strangers without oversight or accountability.

CFPB

Blog: CFPB Abandons Consumers to Abuses of Buy-Now-Pay-Later Loans

Last week, the Trump CFPB announced plans to stop enforcing its previously issued Buy-Now-Pay-Later (BNPL) interpretive rule, which improves the price transparency of these loans to help people understand the real costs, fees, and charges that can accrue. This step risks amplifying the harms of BNPL loans, which include lower credit scores, lost bank accounts, and predatory fees. And it represents yet another example of the Trump CFPB actively siding with predatory lenders.