Better Markets recently joined 82 other consumer groups in urging the CFPB to abandon its enforcement reorganization plan. The plan would severely weaken the CFPB’s once powerful enforcement program by dispersing enforcement staff and limiting their authority to open investigations or file enforcement actions. And it couldn’t come at a worse time as the pandemic forces desperate consumers to take on new debt from payday and car-title lenders. Those firms will now prey on their victims with renewed boldness. It’s another in a series of actions the CFPB has taken under this administration to dramatically weaken consumer protection and cater to the financial industry.
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