In response to news reports that the Consumer Financial Protection Bureau will be allowed to continue with its plans to lay off more than 1,000 employees at the watchdog agency following a ruling from the U.S. Court of Appeals for the D.C. Circuit in NTEU v. Vought, Mike Calhoun, president at the Center for Responsible Lending, issued the following statement:
The administration’s attempts to dismantle the nation’s only consumer financial protection watchdog will expose millions of households to excessive fees and financial predators, and increase risk to the nation’s financial system. We need a strong, adequately staffed CFPB to protect consumers from exploitation by financial bad actors.
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Press Contact: Alfred King alfred.king@responsiblelending.org