The Department of Government Efficiency's (DOGE) campaign, led by Elon Musk, to cut down on federal spending has put the Consumer Financial Protection Bureau (CFPB) in its sights, with US lawmakers clashing with Trump administration's considerations to shutting down the agency.
Amplify Credit Union CEO and President Kendall Garrison believes that without the CFPB, consumers would face higher fees for basic banking services, exacerbating affordability issues.
He highlights that the CFPB has returned $21 billion to consumers through fines against large financial service companies. Garrison also calls for reforms within the CFPB — itself an independent bureau within the Federal Reserve — suggesting a bipartisan board for oversight and a shift in its funding process.
"Consumer protection is needed. It is a valuable service that they provide to people of modest means, primarily, and those are the people who need protection." Garrison states, emphasizing the ongoing need for consumer safeguards.
Related Videos
Senator Elizabeth Warren (D-Ma.) sat down with Yahoo Finance earlier this week to address the "economic chaos" ensuing under DOGE's cost-cutting initiatives through the Trump administration.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
This post was written by Josh Lynch