‘Screwed twice’: The CFPB says it’s looking out for consumers. Its own data tells a different story
Complaints about banks and other financial players keep rising as Trump officials squelch enforcement actions at the Consumer Financial Protection Bureau This story was supported and co-published by the journalism non-profit the Economic Hardship Reporting Project Continue reading...
The Consumer Financial Protection Bureau (CFPB) claims to be looking out for consumers, but its own data suggests a different reality. In the year following the dismissal of lawsuits against major financial corporations like JPMorgan Chase, Bank of America, and Berkshire Hathaway, complaints against these companies surged by over 75%.
This is according to a Guardian analysis of CFPB data, which examined the 23 financial firms named as defendants in dropped lawsuits. Of those, 17 experienced increases in complaints against them. Notably, complaints against Rocket Mortgage surged by more than 130%, and those against Branch Messenger Inc, accused of working with Walmart on unfair fees, rose by 315%.
This trend of rising complaints reflects a disconnect between the bureau's mission and its actions, according to experts and former CFPB employees.
Written by urgent.news from The Guardian US's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
