It’s clear the actions undertaken by President Trump’s second administration are going to reshape Americans’ finances in myriad ways. And one less flashy part of his federal government overhaul — banking deregulation — is worth paying attention to.
As of now, the only federal agency that explicitly monitors banks and other depository institutions for abusing consumers is on life support. The Consumer Financial Protection Bureau cracked down on everything from junk fees to the withholding of credit card rewards before it was effectively gutted by the Trump administration — a move that’s left a wide regulatory hole and sent consumer advocates reeling.
