Consumer Alert: Fate of the Consumer Financial Protection Bureau
The fate of the Consumer Financial Protection Bureau is coming under question now that Donald Trump has been elected president.
The bureau was created in 2010 after the banking crisis and helps citizens who have any issues with anything involving money. The bureau is best known as the agency that fined Wells Fargo $100 million for opening phantom accounts for customers.
New Jersey consumer attorney Carl Mayer says that the CFPB is the best regulatory investigative agency in Washington.
"If its anything related to a mortgage, a bank account, loans, credit cards, anything related to your financial life, the bureau can help you out," he says.
But some analysts say that the CFPB may not be around much longer because President-elect Trump has promised to repeal the Dodd-Frank Act, the bill that created the bureau. Republicans have complained for several years that the bureau has too much power.
On the subject of the president-elect, The CEO of Macy's says the decision to stop selling Trump-branded clothing is permanent.
The retailer announced it would stop selling Trump products on the first day of his campaign, when he made comments referring to Mexican immigrants as rapists and criminals. But the CEO says that Trump products are gone for good because Macy's it not a political company. He says that if Hillary Clinton decided to introduce a line of clothing, the company would not sell it either.