The Washington Post: Trump is systematically backing off consumer protections, to the delight of cor
March 6, 2018
By Renae Merle and Tracy Jan
President Trump and the regulators he appointed are taking a far less aggressive approach to consumer protection than their predecessors, delaying key regulations and imposing fewer penalties against financial institutions and other corporations accused of wrongdoing, according to a Washington Post review of available data and interviews with consumer advocates and government officials.
At the Consumer Financial Protection Bureau, for example, enforcement actions have dropped from an average of three-to-five each month during the past four years down to zero since a Trump appointee took charge of the agency in late November.
The Labor Department has delayed full implementation of a rule requiring financial advisers to act in their clients’ best interest.
And the Department of Education has withdrawn Obama-era regulations meant to strengthen protections for student borrowers.
The new approach — welcomed by banks and business leaders — has alarmed consumer advocates who fear it gives an advantage to Wall Street and other powerful industries while leaving ordinary Americans more susceptible to fraud, discrimination and predatory lending.