Trump and Musk Seek to Gut $1.8 Billion Consumer Protection Fund
The CFPB will distribute a record-breaking $1.8 billion to 4.3 million consumers defrauded by credit repair companies Lexington Law and CreditRepair.com. This payout, the largest in the agency’s history, stems from a court ruling finding the companies violated consumer protection laws by charging illegal junk fees. The impending disbursement highlights the CFPB’s crucial role in protecting consumers, a role threatened by President-elect Trump’s plans to dismantle the agency. This action underscores the agency’s impact and the ongoing political battle over its future.
John Q. Hosedrinker