California Attorney General Rob Bonta today, along with 19 attorneys general, sent multiple letters to the Consumer Financial Protection Bureau (CFPB), opposing a series of proposals that would dramatically shrink the Bureau’s supervisorial oversight of the markets for auto finance, consumer reporting, debt collection, and international money transfer services. The proposals all outline the CFPB’s intention to regulate only a small handful of companies in each of these markets, leaving consumers who use the vast majority of companies in these markets unprotected. The Trump Administration’s proposals would limit the CFPB’s oversight to as few as six consumer reporting companies, 11 debt collectors, four international money transfer providers, and five auto finance companies. Shortly after taking office, the Trump Administration launched a campaign of destruction and systemic shuttering of the CFPB, threatening catastrophic harm to hardworking families and consumer financial markets nationwide.  

“The Trump Administration’s razing of the CFPB, the top cop protecting Americans from financial exploitation, puts families nationwide at a glaring disadvantage when standing up to big businesses that aren’t playing by the rules,” said Attorney General Bonta. “With these proposals to limit its own oversight of critical financial markets, the CFPB is attempting to skirt its obligation under federal law to protect American consumers, meaning that hundreds of thousands of consumer complaints would fall on deaf ears. If you have ever had issues with your car loan, with sending money internationally, or have ever disputed a credit score error, these proposals impact you.”