Sen. Tammy Duckworth and other Democratic lawmakers have expressed concern over the potential shuttering of the Consumer Financial Protection Bureau, warning that this move would leave service members vulnerable to financial scams and crimes. They have urged Office of Management and Budget Director Russell Vought to restart CFPB operations, emphasizing the importance of the bureau’s enforcement actions in protecting service members and veterans.
The lawmakers highlighted the fact that young service members are frequently targeted by bad actors due to their stable income and lack of financial knowledge. The CFPB plays a crucial role in enforcing laws like the Military Lending Act to prevent predatory lending practices. They also participate in initiatives like the Veteran Scam and Fraud Evasion Task Force to combat fraud against military members and their families.
Data from the Federal Trade Commission shows that fraud and scams cost the military community millions of dollars each year. The lawmakers stressed that without the CFPB’s protections, service members risk losing security clearances or even their careers. They warned that ending these safeguards would pose a direct national security risk and empower predatory actors to target vulnerable individuals.
Vought’s directives to cease CFPB operations have been met with backlash from the lawmakers, who have called his actions reckless obstruction. They have asked him to reconsider and prioritize the protection of service members and veterans. Despite a recent court ruling preventing Vought from terminating CFPB employees without cause, the lawmakers remain concerned about the bureau’s ability to carry out its duties effectively.
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