A massive dismantling of the financial regulator created to protect consumers is underway, affecting everything from auto lending and digital payments to credit cards and credit reports.
T wo years ago, the Consumer Financial Protection Bureau (CFPB), a federal financial regulatory agency, announced it was forcing Toyota Motor Credit to give consumers back tens of millions of dollars. While selling bundled auto insurance and car-servicing products, Toyota dealers had “lied about whether these products were mandatory” and sneakily included them in contracts without borrowers knowing it, said the CFPB in a press release, citing consumers’…
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