Reported 2 days ago
The Consumer Financial Protection Bureau (CFPB) announced plans to 'deprioritize' its efforts to protect student borrowers and individuals with medical debt, as well as oversight of digital payment platforms like Venmo and Zelle. Under a new memo, the agency will redirect its focus back to regulating large banks, citing that non-bank financial entities, such as loan servicers, have taken up too much of its supervision efforts. This shift, part of a broader change under the Trump administration, has raised concerns among consumer advocates about the potential impact on vulnerable borrowers.
Source: YAHOO