Supporters of the CFPB are critical about the direction of the agency under the Trump Administration, worrying it will become more protective of businesses than consumers. Melissa Stegman, senior policy counsel at the Center for Responsible Lending, contends that acting director Mick Mulvaney was illegally appointed. She points to the change in the agency’s mission statement since Mulvaney took over, saying it echoes the administration’s vision to dismantle financial regulations to aid businesses, and will potentially put the consumer at risk.
Does regulation kill off business profits, as Trump claims? Not at all
Source: Consumer Affairs