Democratic lawmakers warn axing Consumer Financial Protection Bureau will leave troops vulnerable to fraud and scams
Shuttering the Consumer Financial Protection Bureau will leave service members who rely on the agency’s accountability initiatives less guarded from scams and financial crimes.
Shuttering the Consumer Financial Protection Bureau will leave service members who rely on the agency’s accountability initiatives less guarded from career-ending scams and financial crimes, Sen. Tammy Duckworth and other Democratic lawmakers said in a letter Thursday to the bureau’s new acting head.
Three members of the U.S. Senate Committee on Veterans' Affairs urged Office of Management and Budget Director Russell Vought to restart CFPB operations nearly two weeks after he issued a dozen directives to employees, effectively cutting the bureau off at the knees.
“These short-sighted actions leave service members and Veterans — who are among the likeliest group to be targeted for financial crimes — vulnerable to fraud and abuse,” read the letter, which was sent to Vought on Thursday morning and shared first with NBC News.
The letter was signed by Duckworth, D-Ill.; Sen. Richard Blumenthal, D-Conn.; and Sen. Mazie Hirono, D-Hawaii.
In an interview with NBC News, Duckworth said young service members are targeted by bad actors, such as payday lenders and disreputable car dealers, particularly because military members' wages can be garnished. Young service members, she added, are also more vulnerable because they are often separated from their support network and may not be wise to such schemes.
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