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Trump Administration Moves to Eliminate Top U.S. Consumer Watchdog
Trump Administration Moves to Eliminate Top U.S. Consumer Watchdog
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BTCCSquare news:
The TRUMP administration is advancing efforts to dismantle the Consumer Financial Protection Bureau (CFPB), contending in court that the agency's funding mechanism is unconstitutional. The CFPB, which safeguards consumers from predatory financial practices, draws its funding from the Federal Reserve's surplus capital—a source now under scrutiny as the Fed operates at a loss.
Since its inception in 2010 under the Dodd-Frank Act, the CFPB has recovered over $21 billion for consumers. Critics warn that its dissolution WOULD leave Americans vulnerable to deceptive lending and banking practices. The agency estimates its current reserves will sustain operations until early 2026.
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