The Consumer Financial Protection Bureau (CFPB), a key regulator of banks and financial firms, is operating on pause due to a court order. This leaves consumers with increased responsibility for protecting themselves from scams, abusive lending practices, and high fees. With the government temporarily stepping back from regulatory duties, it’s crucial for individuals to take a proactive approach.
According to consumer experts, there are several areas of concern:
* Bank and credit card fees: With some rules on hold due to court challenges, consumers should consider switching to low- or no-fee cards.
* Payment apps and fintech: While some apps have improved their security features, others remain vulnerable to scams. Experts recommend being cautious when making transactions and moving funds out of these apps into a federally insured bank account.
* Medical debt: The CFPB’s rule to remove unpaid medical debts from credit reports is on hold, but consumers can still dispute inaccuracies with providers or insurers.
To protect yourself:
1. Complain directly to the company involved in your issue
2. Submit a complaint to the CFPB online portal (if available) or by phone at 855-411-2372
3. Contact your state’s attorney general office for assistance
Source: https://www.nytimes.com/2025/02/28/your-money/cfpb-consumer-financial-protection.html