The Consumer Financial Protection Bureau (CFPB) is in back in the spotlight
The Consumer Finance Protection Bureau (CFPB) has been in the spotlight lately since the scandal that took place a few years ago, got them in water for collecting reams of consumer data, undercutting privacy rights while putting potentially sensitive personal information at risk in the event of a hack, and has been in the sight of congress since its inception for spending a lot of our taxpayer’s money on high salaries to major overhauls at its headquarters.
This time we have the Republicans after them. Republican Ted Cruz and Republican John Ratcliffe have introduced bills in the Senate and House that would potentially dismantle and abolish the agency. Cruz said the CFPB does consumers more harm than good. Ratcliffe, “President Trump has made it clear he’ll join us in our fight to dismantle Dodd-Frank and finally offer some relief to the small business owners throughout Texas and across the country who’ve been hit hardest by its devastating impact.”
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– VALLEY WEST MORTGAGE