A Judge Rescued the CFPB From Being Dismantled. Is It Too Late for the Consumer Watchdog?

If the Consumer Financial Protection Bureau doesn't prioritize protecting consumers, does it matter if the watchdog agency still exists? It might seem like a philosophical question, but this could be the CFPB's final chapter. On Friday, a federal court blocked the Trump administration from dismantling the agency with a temporary injunction, ordering employees be reinstated. But some of the damage has already been done. The CFPB has suspended most operations and started unwinding regulations, a move that experts say could leave millions of consumers vulnerable to unfair and abusive practices. In its latest move, the CFPB announced it was reducing payday loan enforcement to "instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans," according to a post on its website. Relaxing payday loan regulations could give lenders free rein to increase their already excessive fees and sky-high interest rates, according t ... Read full article.