WASHINGTON, D.C.—Brady Williams, Legal Counsel, issued the following statement in response to the news that the Consumer Financial Protection Bureau (CFPB) is dropping multiple enforcement lawsuits against companies that were accused of misconduct against consumers, including Capital One, Rocket Homes Real Estate, and a student loan lender.

“Trump’s anti-consumer protection bureau dropping these cases is a slap in the face for the consumers who suffered from the very serious alleged misconduct.

“Rocket Homes, for example, allegedly engaged in an illegal kickback scheme that steered homebuyers into more expensive loans. In the Capital One case, the CFPB alleged that the bank was deceiving its customers about the interest rates it offered, which saved the bank huge amounts yet cost savers billions of dollars.  The common thread in these cases are allegations that the companies routinely lie, cheat, and steal their way into their customers’ pocketbooks. The CFPB has been the only cop on the beat protecting consumers’ interests. Trump is now defunding that cop on the consumer beat and letting financial firms prey on hardworking Americans without fear of accountability.”

More of Better Markets’ work supporting the CFPB can be found here.

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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.