Trump has already changed future of consumer finance

One month into his administration, President Trump already has dramatically altered the future of consumer finance.

When it appeared that former President Barack Obama would transfer power to fellow Democrat Hillary Clinton, major changes loomed for bank customers and for people who rely on alternative services, such as payday loans.

Payday lenders warned that a rule proposed in July by the Consumer Financial Protection Bureau would put them out of business.

Prepaid cards, another payment method increasingly popular among people without a traditional bank account, were the target of another rule proposed in October by the bureau, raising concerns among issuers.

The bureau in May proposed banning "forced arbitration" clauses in financial firm contracts, which prevent customers from filing class-action lawsuits. That proposed rule was a priority for consumer advocates but hated by the industry.