Ex-CFPB Director Warns: Dismantling Agency Would Create 'Wild West' in Consumer Finance
2025-02-10
Business Insider on MSN.com
The consumer finance landscape could become the 'wild, wild west' if the CFPB is dismantled, according to Richard Cordray, its first director. In an interview with Business Insider, Cordray criticized Elon Musk's call to abolish the agency, citing a 'direct conflict of interest.' This move could have significant implications for consumer protection and financial regulation, potentially leading to a lack of oversight in the industry. With the rise of fintech and online lending, robust consumer finance regulations are more crucial than ever. The CFPB has played a key role in regulating consumer financial services, including payday lending and mortgage services.
