NACA in the News: Danger of CFPB dismantling if Trump’s layoffs continue

MSN, Danger of CFPB dismantling if Trump’s layoffs continue

“Without the consumer complaint database, Fasano warned, individuals would be left to navigate their grievances independently, lacking the support of a centralized system. Ira Rheingold, executive director of the National Association of Consumer Advocates, echoed this sentiment, stating that the absence of the CFPB’s public databases and response team would severely limit immediate remedies for those treated unfairly.

While only Congress can officially dismantle the CFPB, Trump’s attempts to weaken the agency have faced judicial resistance. However, even a partially weakened CFPB could embolden banks to exploit consumers, as they may feel less compelled to adhere to legal standards. Rheingold cautioned that without the CFPB’s oversight, financial institutions might seize the opportunity to bypass regulations.”