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First Gambit in Tax Reform Debate a Threat to Taxpayers

By | Michelle Surka
Tax and Budget Advocate

The tax reform battle in Congress is looking to be a long, hard-fought one, but the president’s recent executive order shows that there may be no need to wait to start giving huge tax breaks to corporate giants. 

The Consumer Financial Protection Bureau (CFPB) is the first federal agency devoted to protecting consumers in the financial marketplace. In 2016, the CFPB held Wells Fargo accountable for unfair treatment of its customers.

In the 1990s, my grandmother lost $60,000 to a financial scammer who took advantage of her age and vulnerability. A lucky, and perhaps illegal, phone call from her bank flagged the problem to the family. Today, thanks to the Consumer Financial Protection Bureau, I think it’s likely the problem would be noticed and stopped sooner.

The Consumer Financial Protection Bureau receives more complaints about debt collection than about any other topic. The complaints are submitted by consumers who reach out to the CFPB for help resolving problems with debt collectors and other problems in the financial marketplace.

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