The Consumer Financial Protection Bureau is meant to protect us from predatory finance. That's why Trump wants it gone.
The article from Truthout discusses how former President Donald Trump and his appointees, particularly under the leadership of Mick Mulvaney at the Consumer Financial Protection Bureau (CFPB), have systematically weakened the agency's ability to protect consumers from financial exploitation. It highlights that Trump's administration has rolled back regulations, reduced enforcement actions, and altered the bureau's mission to favor the financial industry over consumer interests. Key points include the CFPB's shift from an aggressive watchdog to a more industry-friendly entity, the elimination of consumer protections like the payday lending rule, and the reduction in penalties for financial institutions that violate consumer protection laws. The article argues that these changes enable predatory practices by banks and lenders, ultimately harming consumers by limiting their protections and oversight.
Business & Finance
Thu, March 20, 2025
