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Stock impact report

Dismantling the CFPB would turn the consumer finance world into the 'wild, wild west,' its former director says [Business Insider]

Navient Corporation (NAVI) 
Last navient corporation earnings: 4/21 04:14 pm Check Earnings Report
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The first director of CFPB told BI that Musk's calls to dismantle the bureau are "totally unethical." The first director of the Consumer Financial Protection Bureau warned against eliminating the independent watchdog agency, telling Business Insider that it would strip oversight of financial firms and harm US consumers. "We'd be back to the wild, wild west for financial services that affect families all over the country in terms of what their terms would be on their credit cards, on their mortgages, and other products. There would be no oversight of that," Richard Cordray , who first led the CFBP when it was established in 2011 after the Great Recession to help prevent another financial crisis told BI. "Companies could act in their own interests at the expense of consumers," he added. "It would be as though we were saying to a neighborhood, 'Go ahead and enforce your laws. We will withdraw the police. We will not have any kind of enforcement of the law.'" On Sunday, the CFPB Show less Read more
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