Evidence is abundant that the Trump administration is illegally attempting to destroy the Consumer Financial Protection Bureau (CFPB).
CARTER DOUGHERTY; carter@ourfinancialsecurity.org
Dougherty is the Communications Director at Americans for Financial Reform.
Dougherty told the Institute for Public Accuracy: “The Trump administration, with billionaire Elon Musk, is trying to destroy a very effective agency that works for everyday people – the Consumer Financial Protection Bureau. Acting CFPB director Russell Vought has stepped up the pace of efforts to dismantle the agency by taking steps such as illegal mass purges of employees and dropping enforcement actions against Wall Street giants. Vought has also hacked away at the efficacy of the complaint system, something Congress required CFPB to create and which has helped millions of people.”
“Vought’s actions at CFPB will only empower Wall Street and predatory financial companies that can now rip people off with greater impunity,” said Christine Chen Zinner, consumer policy counsel at Americans for Financial Reform. “The lawless staff purge, dropped enforcement actions and attempt to shut down and then destroy the agency is deregulation pure and simple that can only lead to greater fraud against consumers.”
Dougherty added: “Republicans in Congress are stepping up their attacks on the CFPB by rolling back important protections for consumers. First, they are trying to destroy safeguards created for payment apps, a direct payoff to Musk, who wants to turn the social media app X into a payment system. Second, they are trying to end caps on overdraft fees. Ending those caps would cost families $5 billion. Third, they want to roll back a prohibition the CFPB created on putting medical debt on credit reports.”