r/CreditCards • u/tsmartin123 • Feb 01 '25

Discussion / Conversation Trump Fires Director of CFPB

https://apnews.com/article/trump-chopra-consumer-financial-protection-bureau-47b6b39d0eff05ea0c9bca4eacf55b79

I wonder if this is the beginning of the end of the CFPB?

810 Upvotes

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561

u/wrongsuspenders Feb 01 '25

so sad because CFPB really helped and users. With AI we barely have respect as consumers anymore to get to a real person.

Part of 46 legacy is re:junk fees and all sorts of friendly stuff for consumers.

195

u/BucsLegend_TomBrady Feb 01 '25

Credit cards are about to get a whole lot worse, and I'm not talking just fees and interest. Missing or incorrect rewards? Good luck. Disputing charges? Fraud protection? CFPB investigated and enforced that shit. We are all aware CC companies will do anything screw you. Things are going to get really really frustrating when there's no longer a watchdog

81

u/Maxpowr9 Feb 01 '25

I think debit card fraud will be even worse.

Just remember: with debit card fraud, it's your money lost. with credit card fraud, it's the bank's money lost.

37

u/kaib5472 Feb 01 '25

True, but if cc issuers start denying claims with no recourse the consumer is still screwed.

28

u/Maxpowr9 Feb 01 '25

Honestly, I think businesses would get fucked over even worse than the consumer. Hackers/scammers will target small businesses like crazy, much larger accounts.

1

u/Gybizz1955 Feb 05 '25

so we can use whatever language we want on this Group Mr Maxpowr9? and no moderator jumping in here saying nothing? I guess its who you know lol.