How to Be Your Own Consumer Watchdog
Big changes are afoot at federal agencies. Make these moves to protect yourself financially.


Since his return to the White House, President Trump has launched an aggressive campaign to cut government costs and streamline operations. In the process, he’s revamping federal agencies that handle everything from tax returns and Social Security payments to consumer financial protections.
Trump’s Department of Government Efficiency (DOGE) has instituted hiring freezes, mass layoffs and reorganizations at agencies such as the IRS, the Consumer Financial Protection Bureau and the Social Security Administration.
In addition, the president dismissed several Democratic agency commissioners and signed an executive order requiring government agencies to identify 10 existing rules, regulations or guidance documents to be repealed for every new one issued.
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Supporters applaud the push for reduced bureaucracy. Critics are concerned about weakened consumer protections and DOGE’s potential access to sensitive consumer data, such as Social Security numbers.
Some of the latest initiatives await congressional approval or are tied up in court battles. Still, one thing is clear: It’s an ideal time to review your financial safeguards and get tax records and other paperwork organized, and remain informed about changes coming down the pike. Here’s what to do.
Be discerning when reviewing financial offers
Especially with the CFPB under fire, it’s critical to be your own consumer advocate. Scrutinize the fine print of any offers you receive, such as those for a mortgage or credit card.
Look up online reviews and ratings for lenders and other financial service providers, and seek a second opinion — from a trusted financial professional, for example — before making any major decisions.
Also, watch for signs of a scam, such as getting an offer that seems too good to be true or that comes with pressure to act quickly.
Stay on top of your taxes
If you need assistance from the IRS — say, to get help with fraudulent activity or adjust a payment plan — act right away. Reduced IRS staffing could lead to longer phone hold times and fewer options for in-person assistance.
Make sure all tax-related paperwork is in order so that if you need to resolve an issue, the process can go as smoothly as possible.
Keep a paper trail
In addition to saving tax-related documents, hold on to copies of other important financial records, such as service agreements, receipts and reference numbers, as well as copies of e-mail correspondence and online chats with businesses.
This material may serve as evidence that can help you win your case if you need to resolve issues such as a dispute involving a bill or financial statement or a rejection of a warranty or insurance claim.
Strengthen your financial protections
Use strong passwords and enable two-factor authentication on all financial accounts. Consider getting an IRS identity protection (IP) PIN. You’ll provide the PIN to verify your identity when you submit your tax return, which can prevent scammers from filing a return using your Social Security number.
Check your credit reports
You can access free Equifax, Experian and TransUnion credit reports each week at AnnualCreditReport.com. Review each report for errors and signs of fraud, such as a recently opened credit account that you don’t recognize.
Consider freezing your report at each credit-reporting company. A freeze helps to prevent scammers from opening credit accounts in your name.
Who's in your corner
Even with the upheaval at many government agencies, you can still reach out to some of them for help.
Recently, the Consumer Financial Protection Bureau was still accepting complaints about problems with lenders, banks and other financial organizations, although changes in the CFPB’s staffing and structure may limit the bureau’s ability to address complaints.
You can also notify the Federal Trade Commission about unfair, shady and anticompetitive business practices, and you can go to the Securities and Exchange Commission for help with investment-related gripes and disputes.
These non-federal organizations can also lend a hand:
- The Better Business Bureau provides reviews, ratings and accreditation of businesses and charities. It also helps to resolve consumer complaints.
- Your state attorney general upholds consumer protection laws, and your state consumer protection office can help with complaints against businesses as well as investigate scams.
- A coalition of more than 250 nonprofit consumer organizations, the Consumer Federation of America looks out for consumer interests through research, education and advocacy.
- The nonprofit group Consumer Action uses education and advocacy to protect consumers in areas including credit, banking, privacy, insurance, health care and utilities. It provides a hotline consumers can call for help at 415-777-9635.
Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
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Kiplinger contributor Laura Petrecca is a business journalist who has worked at major media organizations such as Gannett, News Corp, and Crain Communications. Prior to launching her own writing business, she held leadership roles such as USA Today’s New York City bureau chief, special projects editor, and business section editor.
In addition to Kiplinger, her writing has appeared in USA Today, Real Simple, Men’s Health, Prevention, Crain’s New York Business, Advertising Age, and AARP Bulletin. Laura also hosts livestream videos and has offered commentary on TV programs such as the Today show, Good Morning America, Inside Edition, Access Hollywood, and CNN.
She earned a master’s degree in journalism and a certificate in economics and business journalism from Columbia University and a bachelor's degree in journalism from the University of Maryland.
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