How Biden can restore America’s consumer watchdog

Source: Katrina vanden Heuvel, Washington Post (Paid Registration)

Few federal agencies see the pain plaguing American families quite like the Consumer Financial Protection Bureau. As the nation’s consumer watchdog, the CFPB has received a dramatic increase in complaints during the pandemic—from predatory payday lenders’ tactics to companies using consumers’ personal information improperly and everything in between. But after being neutered for four years under President Trump and his lackeys, the bureau is now ill-equipped to fully protect Americans from financial abuse.

The incoming Biden administration has an opportunity to restore the CFPB to its rightful place as what the New York Times once called “perhaps Washington’s most feared financial regulator”—and in so doing, gain a powerful weapon in the fight to weather this economic downtown.

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