Nevertheless, consumer groups lamented the retreat of the CFPB from fintech enforcement actions. “It’s certainly a loss for consumers, and it’s a huge loss for advocates. … Having a federal voice hold people accountable for bad practices disincentivizes those bad practices,” says Monica Burks, policy counsel at the Center for Responsible Lending (CRL). “We are going to have a much harder fight in the coming years here to enforce existing laws on behalf of consumers.”
