The Consumer Financial Protection Bureau (CFPB), a hotbed of criticism from President Donald Trump, has become a hero to many Americans who have benefited from its services. The agency, created under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, has fielded over 7.7 million complaints and returned nearly $20 billion to consumers since its inception in 2011.
Critics like Trump label CFPB as “vicious” and say it’s a waste of taxpayer money, but many who have turned to the agency for help tell success stories of its effective problem-solving. For example, Jonathon Booth, a professor from Colorado, received $17 back after filing a complaint with CFPB regarding an errant late fee on his credit card.
The agency has also helped people like Nurit Baytch, who was refunded $100 after discovering her contractor had damaged her belongings during a basement mold removal project. Barbara Seese, a retired teacher in Phoenix, credits CFPB for stopping debt collectors from harassing her after she filed a claim with the agency.
CFPB’s work has two essential tracks: individual complaints and broader regulation and lawsuits. While some cases result in monetary relief, many more lead to non-monetary resolutions or prompt additional investigation. The agency’s director, Ruth Susswein, says that resolution is the goal but not the only benefit of this system.
Trump’s attack on CFPB has caused even some of his supporters to pause, like Darren Cobb, who credits the agency for helping him resolve a mortgage dispute. Cobb says that without CFPB, consumers have nobody to turn to.
The CFPB’s budget last fiscal year was $729 million, and its staff consists of about 1,700 employees. Despite Trump’s claims of inefficiency, many are defending the agency’s work and urge caution before cutting funding or dismantling it.
Source: https://apnews.com/article/trump-musk-consumer-protection-cfpb-3690f473e8671fbf57a6cdca035e0d01