Far-right CFPB task force threatens consumer protection

 

Source: Diane Thompson, NCLC (Economic Policy Institute)

As unemployment approaches levels last seen during the Great Depression, and requests for mortgage forbearance increase every week, the Consumer Financial Protection Bureau (CFPB) has proceeded doggedly ahead in undermining consumer protection. The CFPB has suspended enforcement of most of the rules requiring mortgage servicers to help homeowners who have fallen behind in their payments; eased disclosure requirements for remittance transfer providers; and reduced collection and reporting of critical fair lending data.

Apparently unsatisfied with rolling back regulatory requirements in the middle of a pandemic-driven economic crisis, the CFPB is also paying hundreds of thousands of dollars to a small “task force” of conservative academics and industry lawyers whose charter is to reconsider every aspect of consumer protection.

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