Business as usual or a new direction?
Agencies under President Trump’s executive discretion have taken a laid back approach to consumer protections relative to previous administrations. The Washington Post writes: “At the [CFPB], for example, enforcement actions have dropped from an average of three-to-five each month during the past four years down to zero since a Trump appointee took charge of the agency in late November.” Under the guidance of Mick Mulvaney, the CFPB is reportedly deferring enforcement actions to state attorneys general and regulatory bodies.
A little-known provision of the 2010 Dodd-Frank law, which created the CFPB, gives them the authority to enforce the agency’s rules and its broad ban on “unfair, deceptive and abusive” practices beyond state lines.
States have rarely used those provisions while Richard Cordray, appointed by President Barack Obama and known for aggressively pursuing financial firms, was in charge of the watchdog.
Contact us immediately if you discover any unfamiliar entries on your credit report.