Expect Trump, Musk to scale back consumer protections

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By Erin Lowry / Bloomberg Opinion

As the weeks tick down on the Biden presidency, the administration has been trying to drive through a slew of much-needed consumer-finance protections.

The new rules, including caps on credit card late fees, would add to some meaningful achievements that the administration has notched on behalf of American consumers, including tighter rules on banking fees and buy-now, pay-later services. But some of the changes face legal challenges, as Republicans push back against policies that have angered the financial industry.

The outcome of these battles is just one area where consumers have a lot at stake in the coming year. Here is what I’ll be keeping close tabs on once President-elect Donald Trump takes office:

What will happen to the CFPB?

The Consumer Finance Protection Bureau is a relatively young agency, having been created under President Obama in 2010 in the wake of the 2008 financial crisis. Its efforts to add more guardrails to consumer banking, medical billing and other areas of consumer finance are popular among Democrats but often opposed by the financial industry.

https://www.heraldnet.com/opinion/comment-expect-trump-musk-to-scale-back-consumer-protections/

[Scrivener7]

1. We need to respond by drastically cutting back on our consumption.

To the greatest extent possible, we should starve the trump economy. There are many good reasons to do this, but one is to protect ourselves from the predatory practices that will thrive under trump.

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2. I'm shocked, shocked that someone sued successfully

…several times by defrauded consumers would want to scale back consumer protections