What does having the Consumer Financial Protection Bureau on hold mean for consumers?

The Consumer Financial Protection Bureau is the latest U.S. government agency to have its work halted by the Trump administration. Congress established the CFPB in 2010 to prevent unfair or deceptive practices by credit card companies, mortgage providers, debt collectors and other segments of the consumer finance industry. Conservatives and industry groups have long targeted the independent agency's work and regularly accused it of exceeding its regulatory authority. During the Biden administration, the CFPB passed rules to cap bank overdraft fees, keep medical debt out of consumer credit reports and to curb predatory lending practices.