Late last night, Office of Management and Budget Director Russell Vought – who spearheaded the recent freeze on federal payments now blocked by U.S. courts– replaced Treasury Secretary Bessent as acting director of Consumer Financial Protection Bureau and immediately signaled that he will defang the independent watchdog agency.
“Since its creation, the Bureau has returned $21 billion to people’s wallets by fighting against illegal financial charges, junk fees, debts, and fraud. Now, when people are already struggling to pay higher prices for necessities like eggs and milk, the Trump Administration appears to have decided to deepen the pain by directly taking aim at the agency that helps keep our money safe,” said Mike Calhoun, president of the Center for Responsible Lending. “’Let them eat debt’ is not a strategy for making America great again and weakening the Consumer Financial Protection Bureau certainly isn’t the way to keep working families, our financial markets, or our economy strong.”
Calhoun noted that over the past decade, about 80 percent of Republican, Democratic and independent voters have expressed support for the agency that holds companies accountable for financial misconduct. “Given that nearly 8 out 10 voters support the Bureau and its mission, the Trump Administration should listen to the American people and let the Consumer Financial Protection Bureau continue to prevent businesses from ripping off consumers.”
If you would like to speak with a Center for Responsible Lending expert about the Consumer Bureau, please email Alfred.King@responsiblelending.org or call 919-819-6923.