NPR’s Scott Detrow talks with Susan Tompor, a personal finance columnist, about the real-life consequences of dismantling the Consumer Financial Protection Bureau.
SCOTT DETROW, HOST:
You may have already heard about the efforts by the Trump administration to dismantle the Consumer Financial Protection Bureau, which was set up in 2011 following the 2008 financial crisis. The aim was to better regulate banks and other financial service providers. However, in recent weeks, with President Trump assuming control, around 150 employees have been laid off, and the remainder have been instructed to cease operations. Susan Tompor, a personal finance columnist at the Detroit Free Press, has written extensively about the CFPB and its importance for consumers. She joins me now. Welcome, Susan.
SUSAN TOMPOR: Thank you, Scott.
DETROW: What was your initial reaction to the firings and the stop work order?
TOMPOR: My first concern, of course, is that during Trump’s first administration, the CFPB was significantly weakened but still functioned. It’s troubling to think that when you visit consumerfinance.gov, you might see a 404 error. However, I later found out that you can still submit complaints through certain pages. Just to test it, I called their hotline today, and someone did answer. She informed me that they could still take complaints, but they have halted any further actions.
DETROW: You’ve described the CFPB as a “consumer cop on the beat,” capable of addressing violations, fraudulent practices, and hidden fees. Despite this, it has faced ongoing criticism from many Republicans in Congress and business groups. How would you summarize the objections that have been raised over the years?
TOMPOR: Initially, they opposed it entirely. Republicans and bankers contended that we did not need this agency, asserting that other entities could manage these issues. Little has changed since then. The CFPB has broadened its scope, leading bankers to claim it’s overreaching or extending its powers too far. Currently, one significant case involves efforts to propose lower fees on credit cards and checking accounts, including late fees and overdrafts. Understandably, banks resist this, as no business wants the government dictating their fee structures.
On the other hand, for consumers without this agency, navigating issues would mean approaching multiple agencies, like the attorney general’s office, the Better Business Bureau, or the Office of the Comptroller of the Currency. The CFPB acts as a convenient, all-in-one resource, allowing them to identify patterns, such as numerous complaints against specific companies. If those companies are acting unlawfully, it could facilitate accountability. That’s why I believe the CFPB is valuable.
DETROW: Many individuals encounter the CFPB during significant life transactions or when facing financial challenges—such as buying a home or car, or managing unexpected expenses. Having covered these issues for years, what guidance would you offer Americans navigating these complicated purchases if they can no longer rely on the CFPB?
TOMPOR: It will be increasingly crucial for consumers to conduct thorough research and consult others who have had success with particular companies. Avoid companies that are unresponsive to their consumers. While this may be challenging, the onus will be on consumers to dig deeper. It’s essential to read the fine print carefully, possibly seeking assistance from someone else for clarity. Unfortunately, we sometimes place trust inpeople that isn’t warranted. In this scenario, it’s unclear who might be monitoring the industry, especially if this shift continues to develop.
DETROW: Thank you, Susan Tompor, personal finance columnist for the Detroit Free Press, for sharing your insights with us.
TOMPOR: Thank you.
Copyright © 2025 NPR. All rights reserved. Visit our website’s terms of use and permissions pages at www.npr.org for more information.
NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.
