{"id":1053637,"date":"2025-06-20T16:10:57","date_gmt":"2025-06-20T20:10:57","guid":{"rendered":"https:\/\/democrats.org\/?p=1053637"},"modified":"2025-06-20T16:10:57","modified_gmt":"2025-06-20T20:10:57","slug":"new-report-trump-administration-drops-18-cases-against-financial-predators","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/new-report-trump-administration-drops-18-cases-against-financial-predators\/","title":{"rendered":"NEW REPORT: Trump Administration Drops 18 Cases Against Financial Predators"},"content":{"rendered":"\n
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After shuttering the Consumer Financial Protection Bureau (CFPB), Donald Trump has moved to drop <\/em>18<\/em><\/a> enforcement lawsuits against financial predators \u2014 letting big corporations pocket millions while putting more Americans at risk of being defrauded. The CFPB put <\/em>$19.7B<\/em><\/a> back in Americans\u2019 pockets and has over a decadelong track record of holding predatory companies accountable. Now, Trump is putting his corrupt, ultra-wealthy backers\u2019 bottom lines ahead of hardworking Americans. <\/em><\/p>\n\n\n\n

NEW REPORT: In a massive <\/strong>\u201cgift\u201d<\/strong><\/a> to financial predators, Donald Trump has moved to drop 18 enforcement cases against predatory firms \u2014 putting money in the pockets of scammers while forcing hardworking Americans to pay the bill. <\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cGovernment drops cases against \u2018predatory\u2019 financial firms\u201d <\/strong><\/p>\n\n\n\n

\u201cFor two years, the Consumer Financial Protection Bureau<\/strong>, the nation\u2019s financial watchdog, has sought to restrain Credit Acceptance<\/strong>, accusing it in a lawsuit of making \u2018predatory loans to millions of financially vulnerable consumers trying to buy a used vehicle.\u2019 But the CFPB\u2019s enforcement effort stopped in April when the agency withdrew from the lawsuit. \u2026 <\/strong><\/p>\n\n\n\n

\u201cSince President Donald Trump\u2019s second term began, the CFPB has moved to terminate or dismiss 18 such enforcement lawsuits<\/strong>, according to research by the Consumer Federation of America, a nonprofit advocacy organization. Those cases had accused banks, mortgage firms and installment lenders of financial abuses and deception.<\/strong><\/p>\n\n\n\n

\u201c\u2018These retreats are gifts to predatory lenders and would-be fraudsters,\u2019 <\/strong>said Erin Witte, director of consumer protection at the Consumer Federation of America. \u2026 <\/p>\n\n\n\n

\u201cCredit Acceptance was formed in 1972 by Don Foss<\/strong>, a used-car dealer who aimed to provide loans to car buyers who did not qualify for traditional financing. His was a winning formula. The company went public in 1992 and by 2018, Foss was a billionaire, with a net worth of $1.2 billion, according to Forbes.\u201d <\/strong><\/p>\n\n\n\n

REMINDER: Trump gutted the CFPB\u2019s staff after rolling back protections against financial predators.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cThe Consumer Financial Protection Bureau on Thursday moved to fire more than 1,000 of its remaining employees,<\/strong> according to two people familiar with the matter, defying a court order barring the Trump administration from terminating employees<\/strong> at the watchdog agency except for cause related to their individual performance. \u2026 <\/p>\n\n\n\n

\u201cThe layoffs were announced less than a day after the agency said it would slash its inspections of financial services companies in half and turn away from oversight of student loan, medical debt and digital payment issues, <\/strong>according to a memo sent to staff Wednesday from Mark Paoletta, the agency\u2019s chief legal officer. \u2026 <\/p>\n\n\n\n

\u201cThe memo said all past CFPB enforcement and supervision priorities had been rescinded.\u201d<\/strong><\/p>\n\n\n\n

The CFPB has helped protect consumer interests for 14 years, putting <\/strong>$19.7 billion<\/strong><\/a> back in millions of Americans\u2019 pockets. <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cAs of January 30, 2025, CFPB enforcement actions have resulted in:<\/strong><\/p>\n\n\n\n

\u201c$19.7 billion in consumer relief <\/strong>\u2026 195 million people eligible for relief \u2026 [and] $5 billion in civil money penalties\u201d <\/p>\n\n\n\n

Politico<\/a>: \u201cWells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cBank of America agreed Wednesday to pay nearly $800 million in penalties for deceiving millions of customers into buying costly and unneeded services when they signed up for credit cards.\u201d <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201c[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay<\/strong> $50 million into the CFPB\u2019s victims relief fund<\/strong> and to refund<\/strong> at least $141 million to customers harmed by its illegal surprise overdraft fees.<\/strong>\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme\u201d<\/strong><\/p>\n\n\n\n

Military Times<\/a>: \u201cTroops will get part of a $5M settlement in alleged title loan scam\u201d<\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures\u201d <\/strong><\/p>\n\n\n\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

After shuttering the Consumer Financial Protection Bureau (CFPB), Donald Trump has moved to drop 18 enforcement lawsuits against financial predators \u2014 letting big corporations pocket millions while putting more Americans at risk of being defrauded. The CFPB put $19.7B back in Americans\u2019 pockets and has over a decadelong track record of holding predatory companies accountable. […]<\/p>\n","protected":false},"author":293,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1053637","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nNEW REPORT: Trump Administration Drops 18 Cases Against Financial Predators - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/new-report-trump-administration-drops-18-cases-against-financial-predators\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-20T20:10:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Shelby Reese\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shelby Reese\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/new-report-trump-administration-drops-18-cases-against-financial-predators\/\",\"url\":\"https:\/\/democrats.org\/news\/new-report-trump-administration-drops-18-cases-against-financial-predators\/\",\"name\":\"NEW REPORT: Trump Administration Drops 18 Cases Against Financial Predators - 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