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Statement by Linda Sherry, Director, National Priorities, Consumer Action

President Trump’s announcement today to dismantle the Dodd-Frank financial protection law and cripple the Consumer Financial Protection Bureau (CFPB) puts average Americans’ finances at risk. 

U.S. consumers and taxpayers cannot afford to once again be financially vulnerable to predatory lenders, mortgage schemes and Wall Street swindles that break the backs of everyday homeowners, retirees, students and servicemembers.

Out of the wreckage of the 2008 financial crisis, the CFPB and the Dodd-Frank Wall Street Reform and Consumer Protection Act was created to protect consumers, and the CFPB has done a remarkable job returning $12 billion to 29 million people in just five years.

We cannot let misguided leadership repeal the critical consumer protections that have created a safer and fairer financial marketplace for all consumers.