Sen. Tammy Duckworth and other Democratic lawmakers expressed concern that shuttering the Consumer Financial Protection Bureau (CFPB) would leave service members vulnerable to financial scams and crimes. The senators urged the Office of Management and Budget Director to restart CFPB operations, as the bureau plays a crucial role in protecting service members from fraud. The CFPB enforces laws like the Military Lending Act to prevent predatory lending practices and participates in task forces aimed at combating scams targeting veterans and service members. The lawmakers emphasized that identity theft or bankruptcy resulting from fraud can have serious implications on a service member’s career and security clearance. They highlighted statistics showing that fraud and scams cost the military community millions of dollars each year. The senators criticized the directives issued by the OMB Director, which effectively halted CFPB operations, and warned that ending protections would pose a national security risk. A U.S. district judge ruled that the OMB Director cannot terminate CFPB employees without cause, tamper with records, or reduce the bureau’s funding. The lawmakers urged the OMB Director to reconsider his actions, stating that they provide predatory actors with opportunities to scam veterans and service members. They emphasized the importance of safeguarding service members from financial exploitation and called for the continuation of CFPB operations to protect the military community.
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