Pay Close Attention to Your Credit Card Balance Under Trump 2.0
Expect efforts to protect consumers from sky-high fees to fizzle under the new administration.
Rohit Chopra’s good work could be undone.
Photographer: Tierney L. Cross/Bloomberg
During Donald Trump’s reelection campaign, he boasted of plans to overhaul the federal government, promising to gut or even eliminate entire federal departments. One federal agency clearly in danger of being defanged is the Consumer Financial Protection Bureau.
Established in the wake of the financial crisis to protect Americans against abusive practices by banks and other companies, the agency under President Joe Biden has put in place much-needed checks against financial companies’ most egregious practices and has another batch of rules in the works. But if Trump 2.0 behaves anything like his first term in the White House, consumers should expect to play defense against financial institutions with little to no backup from the government.