Musk and Trump Could Delete Consumer Protections
Long-sought curbs on high credit card fees and other harmful practices might not survive the new administration.
Not a fan of consumer protection.
Photographer: Andrew Harnik/Getty Images
As the weeks tick down on the Biden presidency, the administration has been trying to drive through a slew of much-needed consumer-finance protections. The new rules, including caps on credit card late fees, would add to some meaningful achievements that the administration has notched on behalf of American consumers, including tighter rules on banking fees and buy now, pay later services. But some of the changes face legal challenges, as Republicans push back against policies that have angered the financial industry.
The outcome of these battles is just one area where consumers have a lot at stake in the coming year. Here is what I’ll be keeping close tabs on once President-elect Donald Trump takes office: