The first head of the national Consumer Financial Protection Bureau says he’s concerned about the shift in direction for the agency.
The CFPB was created in 2011, after the recession, to give consumers more protections. But former head Rich Cordray says the entire focus has changed under President Trump and the Republicans.
“There has been a shift there to say we have to look out for financial firms which includes scammers and fraudsters and abusive debt collectors and payday lenders and they have rights and interests too. Well, they’ve always been able to assert their rights. We were standing on the side of the people who don’t always get a fair shake.”
Cordray quit the bureau in November to run for governor, which got him some criticism from Democrats. President Trump has replaced Cordray with budget director Mick Mulvaney, a former congressman who once called for the abolishment of the bureau. Many Republicans have said they think it unfairly targets banks. And President Trump has proposed large cuts in the bureau’s funding.