Trump Administration Abandons Consumers
WASHINGTON, D.C. – Acting Director of the U.S. Consumer Financial Protection Bureau (CFPB) Russell Vought today abandoned the agency’s lawsuit against Capital One, in which the agency had accused the bank of cheating customers out of $2 billion in interest payments on savings accounts. At least five other CFPB cases were dropped. Bartlett Naylor, financial policy advocate for Public Citizen, released the following statement:
“Instead of securing one of the largest restitutions in history for fleeced consumers, Trump’s minions have inverted the CFPB into the Corporate Financial Plundering Bureau.
“This not only betrays Americans; it sends us hurtling down the path that led to financial crises in the past. The 2008 Wall Street crash followed years of neglecting sound consumer mortgage-making policy.
“In addition to the CFPB, Co-President Elon Musk is terminating workers at the Federal Deposit Insurance Corporation (FDIC) and other banking regulatory agencies. This flouts a core lesson from the 2023 regional bank failures, where investigators found that the FDIC was understaffed.”