Trump’s presidency could leave consumers on their own

Donald Trump will be the next president, and the American consumer may be left on their own.

During the election cycle, the candidates’ views on consumer protection were buried under other more hot-button issues. Despite consumer protection’s relevance to everyone – case in point: a massive banking scandal by Wells Fargo that bubbled up during the debate circuit — it didn’t achieve the same level of interest as issues like trade and immigration did.

Now President-elect Donald Trump had said he wants to repeal the Dodd-Frank Act, dismantling the Consumer Financial Protection Bureau in the process, while Democrat nominee Hillary Clinton vowed to keep it a strong advocate for ordinary Americans.

Established under the Obama administration through the Dodd-Frank Act in response to the financial crisis of 2008, the CFPB has served as the sheepdog guarding American flocks from a seemingly-endless population of predatory wolves, addressing consumer issues that lax regulation or negligence had left flapping in the wind. Its mission, in part, is to “protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law.”

In the CFPB’s five-year tenure, the agency has accomplished quite a lot to protect the interests of consumers, fielding complaints and taking action against unlawful and harmful business practices. Actions taken have resulted in over $11.8 billion going back to 27 million consumers, including a $100 million fine against Wells Fargo, which created bank accounts for customers without permission.