Financial Protection Resource Guide
So much is happening.
Here’s what you need to know, how it all affects you, & what you can do right out to lessen the impact.
This information is informative only and should not be used as financial advice.
Consumer Financial Protection Bureau (CFPB)
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The Trump Administration and DOGE have closed the Consumer Financial Protection Bureau (CFPB) headquarters in Washington. CFPB has stopped investigations and suspended work on proposed rules and regulations.
On January 31, 2025, President Trump designated Secretary of the Treasury Scott Bessent as Acting Director of the CFPB.
What happens to Biden-era actions?
Biden-era rules and regulations are suspended including the overdraft fee rule and the rule removing medical debt from credit reports.
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The Consumer Financial Protection Bureau is charged with creating rules and taking enforcement actions to protect consumers from unfair, deceptive, or abusive practices by a wide range of financial institutions and businesses.
CFPB actions involve:
banks
mortgage servicers
credit card companies
student loan processors
payday lenders
money transfer providers
credit reporting agencies
debt collectors
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Without CFPB oversight, consumers will be more vulnerable to
fraud
predatory lending
discriminatory financial practices
data privacy violations
junk fees
financial scams
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Without CFPB, scams will be more prolific.
Freeze your credit
Try to stay informed of recent scam tactics. Recent scams include:
Text message toll road payment scam
Text message directing you to update your address for a package delivery scam
Do not click on any links in text messages or emails.
Look very closely at the email addresses in your inbox. Many businesses will have their own email domain for their employees (IE: employee@organization.com)
Does the email domain match?
Is there a letter or number that is different from the business or organization they claim to be?
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What is a credit freeze?
Sometimes referred to as a security freeze, it allows you to control how consumer reporting agencies can use and sell your personal financial identity data.
The credit freeze locks the data at the consumer reporting agency until you give permission for the release of the data.
What is a credit report and what is a a credit score?
Your credit report is a detailed record of your credit history. Your credit score is a three-digit number (between 300 and 850) that indicates how likely you are to repay lenders based on the information in your credit report.
Why should I freeze my credit?
A credit freeze restricts access to your credit report and prevents your personal information from being shared. It vastly reduces the risk of identity theft and fraud and reduces complications of identity theft if your information is compromised.
What are the three credit reporting agencies?
Transunion
Equifax
Experian
When should I unfreeze my credit?The freeze prevents lenders from accessing your credit report to evaluate your application. You should unfreeze your credit when opening a new line of credit such as:
Getting a new credit card
Taking out a loan
Signing a leader for an apartment
To unfreeze your credit, log into your account and unfreeze your credit at all three credit reporting agencies. Regulations require that your credit is unfrozen within an hour if done online.
How do I put a freeze on my credit?
You can also place a freeze on your credit via phone or mail, but online is fastest.
Create an account with all three credit reporting agencies.
Verify accounts and set up 2-factor authentication if prompted.
Place freeze on your credit.
Do not provide any of your payment information if prompted. It is free to freeze your credit.
Does freezing my credit impact my credit score?
No, but you can still improve or hurt your credit score while it is frozen.
Federal Student Aid, Department of Ed.
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On May 7, 2025, President Trump issued an executive order called Restoring Public Service Loan Forgiveness. This executive order targets Public Service Loan Forgiveness (PSLF) by removing eligibility from organizations that engage in certain types of conduct. The broad language in the bill may allow for organizations that focus on immigrant rights, healthcare for Trans people, etc. to have their to PLSF eligibility removed.
As with many of Trump’s executive orders, this is expected to be litigated in the courts. This act directs the Department of Education to create new regulations, which would require about a year long regulatory process and be approved by Congress before enactment. Although the dismantling of the Department of Education would require Congressional approval, the department is being undermined from within. Reducing and diminishing the power of the Department of Education will and has had massive ramifications and does not require Congressional approval.
What is the Public Service Plan Forgiveness Program?
The Public Service Plan Forgiveness program (PLSF) was created with bipartisan support in 2007 under President George W Bush. The program allows borrowers to receive federal loan forgiveness after 10 years of qualifying payments for those working in nonprofits or the federal government. The program was designed to incentivize people with advanced degrees to pursue careers in the nonprofit or government sector although they could be paid more in the private sector. Qualified individuals could include teachers, nurses, public interest attorneys, firefighters, military and state government employees.
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Even if the Department of Education is dismantled, student loans are not going anywhere. The Office of Student Federal Aid would likely be moved (with an act from congress) to the US Department of Treasury.
Right now, this means longer processing times, longer hold calls, more errors, and more delays.
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Export any relevant information and documentation regarding your student loans (prior payments, payment plan information, loan forgiveness plans, all documentation) from government websites. You want to have access to all of your information in the case that government websites are taken down.
Try your best to stay informed on this issue.
Continue to make your payments on time.
Review your documents to ensure there are no errors.
Tariffs on Canada
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On March 4, 2025, Trump placed 25% import tariffs on Canadian goods and a 10% tariff on Canadian energy. Two days later, Trump issued a temporary tariff exemption for a wide range of goods under the North American trade agreement (USMCA). It remains unclear what tariffs will last and how long. Canadian leadership responded by placing 25% tariffs on $30 million dollars of U.S. goods.
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According to Montana’s 2021 Department of Labor and Industry report, Canada is Montana’s largest trade partner for both imports and exports; 90% of imports ($5.9 billion) and 45% of our exports ($0.9 billion).
The widespread Canadian boycott of American goods will likely extend tourism too. “According to the U.S. Travel Association, Canada has traditionally been the number one source of international visitors to the U.S., with 20.4 million visits in 2024, generating $20.5 billion in spending” (Montana Free Press, 2025). Montana and Canada have a long history of tourism and interaction.
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With 90% of Montana’s imports coming from Canada, the prices of everyday items will increase.
The energy industry accounts for 77% of all imports from Canada so, energy prices will likely increase. However, it should be noted that a 10% tariff on energy does not equate to a 10% increase of your energy bill; Canadian energy makes up a portion of U.S. energy consumption.
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Consider growing some of your own food this spring! Here are resources to support you in doing this:
Double SNAP Dollars: A win for farmers, families, and local economies! Visit a participating farmers market near you and get a free match of Double SNAP Dollar (DSD) - up to $30!
Spend DSD on:
fruits & veggies
seeds & plant starters
Financial Security Tips
1. Pay attention to your monthly statements
Review your monthly bank and credit card statements to ensure no one has access to your information.
Scammers won’t always drain your account once they have access. They may make relatively small and less frequent purchases under your identity. Since many people don’t review their monthly statements, you may not notice these transactions for months. This method also can make it more difficult to be reimbursed for fraud.
2. Change your passwords
Don’t use the same password for multiple websites that use your personal financial information & change your passwords that have sensitive financial information every 6 months
Remember, don’t include these in your passwords:
Last four of your social security number
Mother’s maiden name
Your birth date
Your middle name
Your pet’s name
Consecutive numbers
Other things/information about you could be easily discovered
3. Consider your online presence.
Posting aspects of your life online, even with the intention of being shared with friends and family, are still online and public.
4. Do some digging!
Look up the business’ policy for communication, especially for sensitive information. Some businesses provide information about specific scam tactics impacting their business to try and reduce fraud. For instance, Clearwater Credit Union outlines circumstances in which the bank would contact you and highlights scams their customers have reported.
When in doubt, call the business or agency before clicking or engaging with anything!
Sources:
2025. Consumer Finance Protection Bureau.
March 7, 2025. Presidential Action. Restoring Public Service Loan Forgiveness. The White House.
March 11, 2025. What Trump’s New Student Loan Forgiveness Order Means For 3 Million Borrowers. Forbes.
2025. Public Service Loan Forgiveness. Federal Student Aid, Department of Education.
Franz, Justin. (6 March, 2025). Tariff worries further fraying northwest Montana’s Canadian connection. Montana Free Press.
2021. Department of Labor and Industry report.
Holom, Nick. April, 2022. Montana Economy at a Glance. Department of Labor and Industry.
Ljunggren, D., Mason, J., & Shalal, A. (11 March, 2025). US-Canada trade war heats up as Trump doubles metals tariffs, then backs off. Reuters.
