A Shift in Consumer Protection: What's the Deal with the Scrapped Registry?

In a surprising move, the top U. S. consumer finance watchdog has decided to ditch a registry that kept track of companies breaking the rules. They said it wasn't worth the cost. This decision came after they also reversed a policy that would have stopped medical debts from showing up on credit reports. The agency didn't immediately respond to requests for comments, but they did say the registry was redundant. It was doing the same thing as another system already in place. They also said that getting rid of it would save companies about $360 each. Industry groups and state regulators were happy about this change. They thought the registry wasn't necessary. But not everyone agreed. Some groups that want stronger consumer protections said that without the registry, there's less protection for consumers and less of a reason for companies to follow the rules. The agency's decision is part of a bigger trend. More and more of the lending market is controlled by non-banks. This means that consumers might be at higher risk. It also means that there's less of a reason for companies to follow the rules. The agency's decision is a big deal. It shows that the government is changing its approach to consumer protection. It's also a sign that the government is listening to industry groups and state regulators. But it's not clear if this change will be good for consumers in the long run.