The Trump Administration has taken aim at one of the few remaining protections for American consumers: the Consumer Financial Protection Bureau. Burg Simpson founding shareholder Michael S. Burg says consumers should be very concerned.
“I think what they’ve done is strip away the original intent,” of the bureau as a watchdog, Michael told “Morning Briefing” host Tim Farley on SiriusXM POTUS. “They’re going to use it, in my opinion, as a fraud, as if there is a consumer protection out there, while they’re whittling away consumer rights.”
After former director Richard Cordray left the bureau late last year, President Trump appointed Office of Management and Budget Director Mike Mulvaney as the new director. Since then, the agency hasn’t taken a single enforcement action and, in fact, has done little more than hand out pay raises to select staff members.
The independent federal agency’s original mission was to write and enforce rules governing financial institutions, including banks, credit card companies, and other lenders. The CFPB grew out of legislation following the financial collapse that began in 2007, and Michael Burg believes we could find ourselves in the middle of another one if there isn’t a viable federal watchdog, like the CFPB, looking out for consumers.
You can listen to the entire interview on demand here.