I have mentioned the great work of the Consumer Financial Protection Bureau (CFPB) in the past, but it needs to be highlighted again. It is extremely important to note that this government agency works for you!
Here are some of the successes that the CFPB (the brainchild of Massachusetts Sen. Elizabeth Warren) has had on behalf of average Americans since its inception only a few years ago:
- Has established rules for the mortgage industry, payday loans and for-profit colleges.
- Has cracked down on banks, debt collectors and a range of dodgy financial firms, from bogus “credit repair” firms to predatory student loan servicers.
- Has fined Wells Fargo $100 million for opening fake accounts in customers’ names.
- Has formed a clearinghouse for consumer complaints and returned millions of dollars in payments to consumers harmed by financial institutions.
The CFPB appears to be in the crosshairs of the Trump Administration to possibly be dismantled or greatly weakened. That would be very unfortunate for the American people, unless other protections were put in the Bureau’s place.