In reaction to reports that Treasury Secretary Scott Bessent has frozen all activity at the Consumer Financial Protection Bureau, the National Community Reinvestment Coalition (NCRC) released the following:
“Stopping the work of the CFPB means inviting scammers and swindlers into working families’ bank accounts,” said Jesse Van Tol, President and CEO of NCRC. “It means instability, uncertainty and exposure. Chaos only benefits bad actors. I urge Secretary Bessent to restore this key regulator and watchdog to active duty swiftly.”
How appalling that we the people are left without the recourse of the quality of Rohit Chopra. It smacks of hypocrisy in money matters and the enabling of fraud. For shame!
The common denominator among swindlers, scammers, predatory lenders and con culprits is that they don’t like consumer protection regulations. State regulators must now take action and address the risks consumers will face.