NEW YORK ― Big business and congressional Republicans salivate at the idea of gutting the Consumer Financial Protection Bureau, the brainchild of Sen. Elizabeth Warren (D-Mass.). Now, President-elect Donald Trump is moving toward what they’ve long wanted: a weak agency that sides with financial predators over consumers.
Under Cordray’s leadership, the CFPB has returned $12 billion to 27 million people caught up in various scams, passed pro-consumer rules on issues like mandatory arbitration and mortgage disclosure, and hit banks for conning customers into paying for expensive add-on products that don’t do much. The agency was central in exposing the large-scale checking and credit card fraud at Wells Fargo.
Under Cordray’s leadership, the CFPB has returned $12 billion to 27 million people caught up in various scams, passed pro-consumer rules on issues like mandatory arbitration and mortgage disclosure, and hit banks for conning customers into paying for expensive add-on products that don’t do much. The agency was central in exposing the large-scale checking and credit card fraud at Wells Fargo.
