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JD, Usha Vance visit Greenland as Trump administration eyes territory; Maine nurses, medical workers call for improved staffing ratios; Court orders WA to rewrite CAFO dairy operation permit regulations; MS aims to expand Fresh Start Act to cut recidivism.

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The Dept. of Health and Human Services prepares to cut 10,000 more jobs. Election officials are unsure if a Trump executive order will be enacted, and Republicans in Congress say they aim to cut NPR and PBS funding.

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Rural folks face significant clean air and water risks due to EPA cutbacks, a group of policymakers is working to expand rural health care via mobile clinics, and a new study maps Montana's news landscape.

OR consumers face more financial risks with CFPB closure

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Tuesday, February 25, 2025   

Seven members of Oregon's congressional delegation have signed a letter demanding protection for the Consumer Financial Protection Bureau, to enable the federal agency to continue its work.

The Department of Government Efficiency closed the bureau earlier this month.

Jagjit Nagra, executive director of the group Oregon Consumer Justice, said the bureau plays a key role in protecting Oregonians from deception and overcharges by banks and other financial institutions. He argued the oversight is especially important to prevent predatory lending for large purchases like mortgages and student loans.

"When you take away that enforcement mechanism, you're basically giving Wall Street the chance to say, 'Oh, OK, now we can do more of whatever we want,'" Nagra contended.

The bureau was created in the wake of the 2008 financial crisis and since then, Nagra adds, the agency has returned $21 billion to consumers. Nagra stressed without the bureau, Oregonians will have less protection against hidden fees and financial scams, among other things.

Critics of the bureau said it has lacked accountability and its regulations stifle financial innovation. Nagra countered the Great Recession, along with other banking, savings and lending scandals, showed the nation needs oversight and strong enforcement of consumer financial protection laws.

"The CFPB never gets in the way of those businesses doing the right thing," Nagra pointed out. "The CFPB goes after businesses and other organizations that are defrauding consumers, that are cheating consumers."

The letter, signed by Oregon Democrats, charged big financial institutions, which the bureau was created to regulate, have prioritized dismantling it. Nagra added consumer protection should not be a partisan issue because everyone is a consumer. He emphasized the need for a united consumer voice.

Disclosure: Oregon Consumer Justice contributes to our fund for reporting on Consumer Issues, Human Rights/Racial Justice, Poverty Issues, and Social Justice. If you would like to help support news in the public interest, click here.


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