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Consumer protection agency CFPB neutralized by Trump's new chief

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The U.S. Consumer Financial Protection Bureau was rapidly defanged over the weekend with all activities suspended, its upcoming funding facing a cut and its headquarters temporarily shuttered, removing a layer of oversight over consumer-facing financial companies.
The article from MSN discusses how the Consumer Financial Protection Bureau (CFPB) has been significantly altered under the leadership of Trump-appointed director, Kathy Kraninger. Since her appointment, the CFPB has shifted its focus from aggressive consumer protection to a more business-friendly approach, effectively neutralizing its role as a watchdog for consumer rights in financial dealings. Critics argue that under Kraninger, the bureau has delayed or weakened rules intended to protect consumers from predatory lending practices, reduced enforcement actions, and has been less transparent about its operations. This change in direction has led to concerns among consumer advocates that the agency, originally established to protect consumers from financial exploitation, is now failing to fulfill its mandate, thereby leaving consumers more vulnerable to financial abuses.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/financial-regulation/consumer-protection-agency-cfpb-neutralized-by-trump-s-new-chief/ar-AA1yIjUF ]