10 years after the financial crisis, consumers arguably bear the brunt of responsibility to look after their own best interests. - CNBC
Critics say the rule falls short of providing investors with full fiduciary coverage.
“If that’s something you want, have the advisor put that in writing that they are a fiduciary,” Hopkins said. Last December, Kathy Kraninger was confirmed by the Senate as the new director. To cap off her one-year anniversary, the CFPB recentlyOn that list is an item — payday loans — that has sparked criticism. These short-term loans often saddle consumers with high interest rates as they try to cover their cash needs between paychecks.
“That means that the debt trap will continue and people will continue to lose their cars and their bank accounts as a result of the continued destruction of payday loans,” she said.“They have stuffed the stockings of payday lenders and the people who were convicted or pleaded guilty to financial malfeasance by reducing fines,” he said.
However, not everyone agrees that having a separate agency dedicated to consumer protection is necessary.
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