GOP, banking groups said to plan cutbacks of consumer protection agency

Posted at 7:02 PM, Nov 16, 2016
and last updated 2016-11-16 21:15:45-05
Whatever your political views, we are all consumers.
Some people worry the one federal agency (designed to help consumers) could face cutbacks or be completely shut down.
Born out of the Great Recession, the Consumer Financial Protection Bureau (CFPB) has been busy since it's creation in 2011.
The agency says it has handled more than one million consumer complaints and recovered $11.7 billion for consumers.
Most recently, the agency levied a $185 million fine against Wells Fargo after it was accused of opening fake credit and checking accounts for customers in order to meet sales goals.
Diane Brown with the Arizona Public Interest Research Group said the agency has been a game-changer for consumers.
"We think it's really been a transformative agency in regards to giving consumers a voice when they have a financial issue," Brown said.
But some critics are looking to slow it down — if not get rid of it all together.
There are some concerns that the CFPB overreaches, over regulates and concentrates too much power with the agency's director.
The Wall Street Journal Reports, Republican lawmakers and the banking industry groups are making plans to limit the agency's power once President-Elect Trump takes office.
It's a move that Brown said would be a step backwards.
"We want to make sure that the CFPB stays strong and that consumers are the ones who benefit," she said.
So if it's important to you, let your representatives know.
Representatives Kyrsten Sinema and David Schweikert are both on the House Financial Services Committee, which could begin the process.
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