Money Talks News: The Podcast

The CFPB is under attack. Banks are celebrating. Consumers are left in the dark.
The Consumer Financial Protection Bureau's powers are being stripped away.
Will the watchdog's bark be silenced? Are fraudsters free to roam? What will billions in bank influence do to your finances?
We're uncovering the shocking truth and more in this week's podcast. It's information you need to know. So sit back, relax, and tune in.
It could save you thousands.

00:00 Introduction: CFPB's role in protecting consumers
02:31 Example: Woman loses $16,000 to debt relief scam
05:22 CFPB and state attorneys general sue predatory companies
07:17 Impact of CFPB's closure on ongoing cases
09:56 Why powerful banks and billionaires oppose CFPB
13:21 CFPB's partnership with state attorneys general
15:47 Stacy Johnson's perspective as a consumer reporter
18:16 CFPB's $21 billion return to consumers vs. $700 million budget
20:40 Call to action: Contact representatives to defend CFPB
23:06 Importance of staying informed and protecting consumers

Contact representatives to defend CFPB 
https://www.congress.gov/members/find-your-member

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Summary:

The Consumer Financial Protection Bureau (CFPB), established in 2010 to protect consumers from financial fraud and abuse, is being dismantled. The agency's offices have been closed and staff dismissed, leaving consumers vulnerable to predatory practices. Examples include a woman who paid $36,000 to a debt relief company, with $16,000 going to fees, and a mortgage company giving unaffordable loans to mobile home owners. The CFPB, in partnership with state attorneys general, has held these companies accountable, but ongoing cases are now being dismissed. Powerful banks and billionaires oppose the CFPB's oversight, influencing politicians to deregulate the financial industry. The CFPB has returned $21 billion to consumers, far exceeding its $700 million annual budget. Consumers are urged to contact their representatives and defend the CFPB to prevent a repeat of the 2007-2008 financial crisis. Without the CFPB's protection, consumers are at risk of falling victim to financial fraud and abuse.

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