Consumers

Consumers beware. The United States Consumer Financial Protection Bureau, which protects consumers from unethical practices by big banks and other financial institutions, has been ordered by its newly installed acting director, Russell Vought, to pretty much stop almost work.

The implication of this action is clear: more freedom for financial institutions to operate more unfettered putting the consumer at greater risk in dealing with these institutions. This is a good time to remember that it was financial institutions that put the entire country into a financial funk in 2008-2009 resulting in a dire economic calamity, with taxpayers footing part of the bill to save the day.

It’s a good time, as well, to remember, that these financial companies are, well, greedy. They want to make lots and lots of money off their customers any way they can. Previously, I wrote about the Wells Fargo and TD Bank scandals. You cannot blindly trust them and they certainly are not your “friend” as implied in their marketing.

Once again the overused phrase, “buyer beware,” pops to the surface. This is just one more way a select group is changing America’s business direction, and it’s not in favour of regular people like you and me. Time to remove those rose coloured glasses.