'The Trump administration continued its relentless effort to defang the Consumer Financial Protection Bureau (CFPB) on Monday by proposing massive budget cuts to an already underfunded agency and releasing a new mission statement that completely abandons the bureau's previous commitment to protecting consumers from predatory corporations.
The CFPB's new five-year strategic plan (pdf)—crafted by Trump budget chief and acting CFPB director Mick Mulvaney—replaces the agency's former number one goal of "prevent[ing] financial harm to consumers while promoting good practices that benefit them" with a vaguely worded pledge to "ensure that all consumers have access to markets for consumer financial products and services."
Ira Rheingold, executive director of the National Association of Consumer Advocates, said in an interview with the Financial Times that the bureau's new mission statement is "a disgrace" and argued it could increase the likelihood of mass fraud.
"We had a financial crisis because of the abuses in the industry and now it appears they will serve those institutions," Rheingold added.
In addition to the bureau's revamped, corporate-friendly objectives, President Donald Trump's budget request released on Monday calls for a $6.4 billion cut to the CFPB's funds over the next decade—a proposal lambasted by consumer groups as further evidence that Trump is deadset on destroying the agency and giving large corporations free reign.'
Read more: Consumer Protection Agency's New Mission Under Trump? Not Protecting Consumers
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16 January 2019
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