Oversight in consumer protection under the Trump administration has been notably slower than during the end of the Obama administration. Data on major enforcement actions taken by the Consumer Financial Protection Bureau shows how the third quarter of 2020 is the first time in awhile that the CFPB has been taking significant measures to combat fraud.
There have been 19 enforcement actions taken during the third quarter of 2020 from the CFPB - the most taken since the third quarter of 2015. During Trump’s first term, CFPB enforcement actions have averaged less than five per quarter before this latest data in 2020.
According to the Wall Street Journal, many are expecting a notable increase in enforcement actions should Biden win the election. Regulatory measures taken for consumer protection have been lower than previous administrations under Trump, with his government taking an approach of less federal oversight. Analysts are preparing for more regular fines and more thorough investigations related to lost money – particularly money lost due to COVID-19 – under Biden.
Ultimately, a CFPB under Biden will be noticeably more consumer-friendly as opposed to the business-friendly institution run by Trump. A lot of what experts expect from Biden involves reversing relaxed regulations invoked by Trump related to the CFPB, returning it to a similar state as it was during the Obama administration.
