Dismantling the CFPB would turn the consumer finance world into the 'wild, wild west,' its former director says

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US consumer finance watchdog chief tells all staff to cease work

Dismantling the CFPB would turn the consumer finance world into the 'wild, wild west,' its former director says

//business-finance.news-articles.net/content/202 .. the-wild-wild-west-its-former-director-says.html

Published in Business and Finance on Tuesday, February 11th 2025 at 16:20 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Richard Cordray, the first director of the CFPB, told BI that Elon Musk's call to dismantle the agency is a 'direct conflict of interest.'

147x110/3642 Bytes

The article discusses the potential consequences of dismantling the Consumer Financial Protection Bureau (CFPB), as warned by its former director, Richard Cordray. He argues that without the CFPB, the consumer finance industry would revert to a state of minimal regulation, likening it to the "Wild Wild West." Cordray highlights that the CFPB has been instrumental in protecting consumers from predatory financial practices, enforcing regulations, and ensuring fair treatment in financial dealings. He points out that the bureau has returned billions of dollars to consumers who were wronged by financial institutions. The article also touches on recent legal challenges to the CFPB's funding mechanism, which could potentially lead to its weakening or dissolution, thereby removing a critical safeguard for consumers against financial exploitation.

Read the Full MSN Article at:
[ https://www.msn.com/en-au/news/politics/dismantling-the-cfpb-would-turn-the-consumer-finance-world-into-the-wild-wild-west-its-former-director-says/ar-AA1yMotm ]