The Trump administration has dismissed several consumer protection cases, including one against Capital One, signaling a significant rollback of the Consumer Financial Protection Bureau’s (CFPB) enforcement actions. President Donald Trump, who has been critical of the CFPB, aims to dismantle the agency, claiming its enforcement has become politicized. These dismissals occurred while Jonathan McKernan, Trump’s nominee to lead the CFPB, was testifying before the Senate. The dropped cases include those against Rocket Homes and Heights Finance, accused of illegal practices. Despite this, McKernan assured lawmakers of continued consumer protection efforts if confirmed. Critics argue that these actions embolden corporate misconduct, with advocacy groups warning of potential financial crises. The administration has downsized the CFPB significantly, though legal challenges to these changes persist. McKernan criticized past enforcement actions as excessive but pledged to uphold the agency’s legal mandates if confirmed. — news from Reuters
