Ed. note: Welcome to our daily feature, Quote of the Day.
The picture is pretty grim for consumers in the United States.
— Lorelei Salas, the former director of supervision at the Consumer Financial Protection Bureau, in comments given to Reuters, on the agency’s shift away from scrutinizing nonbank financial companies, including payday lenders, that pose some of the highest risks to consumers. Salas resigned last year after the Trump administration halted the division’s work. She went on to say that the CFPB’s new leadership had “demonized” supervisory staff.
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
The post Trump’s Consumer Watchdog Is Going Easy On The Companies It’s Supposed To Police appeared first on Above the Law.