Donald Trump is Killing the Consumer Bureau
A once powerful champion of the little guy gets erased in favor of the Oligarchy
Since its inception more than a decade ago, the Consumer Financial Protection Bureau (CFPB) has proved to be a powerful ally to the consumer looking for a fair shake in the financial marketplace.
The CFPB has returned $21 billion to wronged consumers — taking on giants like Wells Fargo and small-time fraudsters seeking to foist bad financial deals on unsuspecting buyers.
Now, though, the Trump Administration is working diligently to kill the consumer bureau.
Why, though?
The unelected Musk recently announced plans for a new payments platform run jointly by Visa and “X” (formerly Twitter). Now, he’s moved his power grab to the CFPB, in a clear attempt to attack union workers and defang the only agency that checks the greed of payment providers, as well as auto lenders like Tesla.
Seems that oligarchs aren’t much for accountability.
Here are some more examples of how the CFPB is bowing down to the demands of financial fraudsters to the detriment of the every day consumer:
The Trump-appointed leadership of the CFPB and the lobby group for credit bureaus, the Consumer Data Industry Association, just asked a federal judge to vacate the medical debt rule. The Trump administration is siding with the credit bureaus, effectively asking the court to strike down the very protections the CFPB once championed.
At risk are financial protections for 15 million impacted people in the United States, which could unravel before they’ve even taken hold.
Zelle and Capital One Win, Consumers Lose
Enforcement policy under the new CFPB goes like this: It will send a refund to Townstone, but reverse payments to consumers who were due to receive redress from the recent enforcement actions against Zelle and Capital One.
I’m already tired of all the winning.
