'Monumental mistake': Missoula financial adviser warns against CFPB halt

The Trump administration stopped the work of the Consumer Financial Protection Bureau earlier this week, according to the Associated Press. The bureau awarded close to $20 billion in relief for consumers since its creation during the Obama administration. Bob Seidenschwarz with SG Long, a financial consultancy business in Missoula, explained the bureau's creation stemmed from times of financial crisis in 2004 and 2008. “Ultimately in the Obama administration, 2011, this bureau comes into effect - consumer protection, to protect the American consumer,” Seidenschwarz, a SG Long co-founder, said. “Seventy percent of the economy is based on the consumer.” Weakening the bureau is a “monumental mistake,” Seidenschwarz told NBC Montana, adding protection is needed when fraud occurs and there’s an ethical responsibility to provide people with confidence in the entities behind their savings. FULL STORY: https://nbcmontana.com/news/local/monumental-mistake-missoula-financial-adviser-warns-against-cfpb-halt Stay up to date with our digital and social media content: Facebook: https://www.facebook.com/NBCMontana Twitter: https://twitter.com/NBCMontana Instagram: https://www.instagram.com/nbc_montana/ Latest local news and weather: https://nbcmontana.com/ Latest Weather Forecast: https://nbcmontana.com/weather Download our App: https://nbcmontana.com/station/nbc-montana-news-and-weather-app Share Your Photos and Videos: https://NBCMontana.com/ChimeIn Send us News Tips: [email protected] Call our newsroom: 406-721-5642 NBC Montana is a MT based station and a NBC Television affiliate owned and operated by Sinclair Broadcast Group. Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country today. Sinclair owns and operates, programs, or provides sales services to 163 television stations in 77 markets, after pending transactions. #montana #montanamoment #nbcmontana #mtwx #news