.Davidlaz writes: 'The Consumer Financial Protection Bureau, under the Trump administration, has been a consumer watchdog in name only. So it’s news that the bureau is once again doing its job.'
The Consumer Financial Protection Bureau, under the Trump administration, has been a consumer watchdog in name only.The CFPB filed a lawsuit the other day against a pair of so-called credit-repair firms, alleging they used deceptive tactics to get consumers to sign up for their services. The companies also charged illegal fees, the suit says.
Any time authorities lower the boom on credit-repair firms that allegedly cross the line into predatory practices, that’s a good thing. Yet that raises the question: Why is the CFPB stepping up?It’s a question that shouldn’t have to be asked, but the bureau’s recent history makes it relevant. I asked the bureau about the timing of the lawsuit, and what message is being sent to the credit repair industry and consumers. A spokeswoman declined to respond.
Consumer advocates were equally baffled — not by the idea of the bureau enforcing the law but by a resurgent interest in consumer protection under current leadership.He speculated that the CFPB may be targeting credit repair firms because “there’s less industry pressure for the bureau to back off from companies that are scammier.”
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