The Consumer Finance Protection Bureau (CFPB) has helped American consumers to the tune of $21 billion, protecting them from predatory lending, junk fees and the like. In 2023 alone, over 1.3 million Americans filed complaints with the bureau. These included credit card and identity theft complaints.
This agency was built to protect the American consumer and hold companies accountable for their actions. It is a wonky-sounding agency, and I’m not sure how many people know its significance.
Russell Vought, the new director of the Office of Management and Budget and acting head of the CFPB, is determined to shutter this agency’s doors; Republican Congress members believe it has been overstepping.
As mentioned, this agency has gotten American citizens $21 billion back in fees and penalties. Why should it be dismantled?
Julian Burgan
Swissvale