Ex-CFPB Director Warns: Dismantling Agency Would Create 'Wild West' of Consumer Finance
2025-02-10
MSN
The consumer finance world could descend into chaos if the CFPB is dismantled, according to Richard Cordray, the agency's 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 lead to a lack of regulation, leaving consumers vulnerable to predatory lending practices and unfair financial services. With the CFPB's consumer protection efforts, such as financial regulation and debt collection oversight, at risk, the future of consumer finance looks uncertain. Key issues like financial stability and consumer rights hang in the balance, sparking concerns about the potential consequences of deregulation.
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