Consumer advocates criticized the Trump administration for its decision to drop enforcement actions against various companies accused of wrongdoing, including Capital One and the Pennsylvania Higher Education Assistance Agency. As the Senate Banking Committee holds a hearing for Jonathan McKernan, Trump's nominee for director of the Consumer Financial Protection Bureau (CFPB), concerns arise over the potential weakening of the agency aimed at protecting consumers from misconduct by financial institutions. Critics claim these actions benefit big banks at the expense of consumers seeking justice and accountability.
Consumer advocates on Thursday slammed the Trump administration for dropping various enforcement actions against companies accused of engaging in unlawful practices.
The Consumer Financial Protection Bureau's notices of voluntary dismissal have drawn criticism for undermining protections against financial misconduct.
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