Michigan Attorney General and ex-CFPB director warn of risks to consumers.

In a recent statement, Michigan Attorney General Dana Nessel and former Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra articulated their strong support for the continued operation of the CFPB, emphasizing its critical role in safeguarding consumers against financial injustices. They highlighted the bureau’s essential function in protecting Michigan residents from predatory lending practices, ensuring transparency in financial products, and enabling consumers to obtain equitable financial services. Nessel pointed out that without the CFPB, many Michiganders could be left vulnerable to exploitation by unethical lenders and financial institutions. The duo collectively underscored the necessity of a federal agency that acts in the public interest, particularly in a state with a significant population facing economic challenges.

Chopra further elaborated on the bureau’s achievements in curbing malpractices and fostering a more stable financial environment for consumers. He cited instances where the CFPB has intervened to hold companies accountable for unfair practices, thereby instilling greater confidence in the marketplace. The discourse emphasized the importance of the CFPB in a post-pandemic economy, where financial literacy and consumer protection are paramount. Both Nessel and Chopra made a compelling case for policymakers to resist pressure to dismantle or weaken the bureau, arguing that its presence is vital to maintaining a fair and accountable financial system in Michigan and beyond.

**Key Points:**
– Michigan AG Dana Nessel and former CFPB Director Rohit Chopra affirm the importance of the CFPB.
– They underscore the bureau’s role in protecting consumers from predatory lending in Michigan.
– The continued operation of the CFPB is deemed essential for ensuring transparency and equitable access to financial services.
– Chopra highlights the CFPB’s success in holding financial institutions accountable and fostering consumer confidence.
– The discussion underscores the CFPB’s significance in the evolving economic landscape post-pandemic, emphasizing consumer protection.

You can read this full article at: https://www.housingwire.com/articles/michigan-dana-nessel-cfpb-rohit-chopra-consumers-at-risk-regulatory-enforcement/(subscription required)

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