Who is Watching Out for Consumers?
New leadership at Consumer Bureau changes focus: Will it be a win for consumers?
When a new President takes office, it means new leadership at key institutions in government. In the case of the Consumer Financial Protection Bureau (CFPB), President Joe Biden selected Rohit Chopra to take over a bureau that had been formed by Elizabeth Warren and Barack Obama but under President Trump, had turned into a friend of the very industries it was meant to regulate.
Advocates for consumers were initially hopeful that Chopra’s selection would signal a change in direction. Just over a year after the announcement that Chopra would head the agency tasked with protecting consumers interacting with a range of financial institutions, those same groups are seemingly beyond thrilled with the results.
Among those heaping praise on Chopra and the “new look” CFPB is Ed Mierzwinski of U.S. PIRG. In a recent blog post, Mierzwinski notes that the CFPB is taking on a number of key battles on behalf of consumers.
Yesterday’s announcement of a new report finding stupefying amounts of medical debt on consumer credit reports continues the Biden Consumer Financial Protection Bureau’s focus on identifying and responding to consumer pain points caused by a financial marketplace that doesn’t always work for consumers. Overdraft fees, junk fees, Big Tech’s entry into payments, illegal auto repossessions, prepaid card contractors “siphoning” government benefits, for-profit college schemes and on and on — the CFPB’s got your back!
Read more from Ed on the fights the CFPB is waging on behalf of American consumers.
Here’s more on some recent CFPB activity that could signal big wins for consumers:
$120 Billion a Year in Interest and Fees
A Story of America’s Credit Card Problem