Consumer Protections at Risk of Being Rolled Back; How to Help
The new administration announced plans to roll back consumer protections via an Executive Order. Although the order is vague, it essentially gives the U.S. Department of the Treasury instructions to restructure and limit the Dodd-Frank Act, the law passed to increase consumer protections after the financial crisis of 2008-2009. The Dodd-Frank Act (fully known as the Dodd-Frank Wall Street Reform and Consumer Protection Act) is a United States federal law that places regulation on the financial industry so they do not abuse and take advantage of consumers in financial transactions such as mortgages.
Congress is planning on trying to weaken the Consumer Financial Protection Bureau, which was created as part of Dodd-Frank. The proposed legislation would allow the CFPB’s independent director to be removed, and repealing its ability to register and address consumer complaints.
After all we’ve seen during the financial crises – predatory lending, robo-signing, and the dearth of protections for fundamental consumer rights – it’s more important than ever to support the Consumer Financial Protection Bureau.
Culik Law encourages you to get involved, support consumer protection laws, and oppose this rollback. No matter which party you support, there is a lot you can do. Staying educated is vital, so read the Executive Orders, reputable news sources, and think for yourself. Once you’ve made up your mind, you can contact your Representatives and Senators in Congress using these easy tools: Find Your Representative and Find Your Senator. You can get on their mailing lists, follow what positions they’re taking, and – most importantly – call them to let them know what you want them to do. The New York Times recently published an article on how to get involved called A Low-Tech Guide to Becoming More Politically Active.
Culik Law is a Massachusetts consumer financial protection law firm that helps consumers with debt, credit, credit reporting, mortgages, and other economic issues.