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Witnesses and members criticize CFPB staffing changes and dropped enforcement actions
Summary
Consumer advocates and several members said cuts and leadership changes at the Consumer Financial Protection Bureau have weakened enforcement of consumer protections in fraud cases, citing dropped actions against payment apps and continued consumer losses.
Members of the House subcommittee and consumer advocates criticized recent changes at the Consumer Financial Protection Bureau (CFPB), saying staffing reductions and dropped enforcement actions have reduced protections for fraud victims.
Carla Sanchez Adams, senior attorney at the National Consumer Law Center, described payment fraud as a “national crisis” and said legal protections vary by payment method. She told the committee that unauthorized transactions are covered by…
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