Progressive activist group Common Dreams is worried:
The nation's consumer protection agency, a brainchild of Sen. Elizabeth Warren (D-Mass.), could be imperiled by Donald Trump's presidency, observers are warning.
The U.S. Consumer Financial Protection Bureau (CFPB), established under the 2010 Dodd-Frank Wall Street reform law that passed after the 2007-09 financial crisis, has cracked down on predatory payday lenders; set new standards for the mortgage market; recovered and sent back billions of dollars for consumers harmed by illegal practices of credit card companies, banks, and debt collectors; and generally "worked on behalf of working families," as Warren put it in a video marking the bureau's five-year anniversary in July. ...
As Bloomberg explained on Friday, Trump
could sign legislation proposed by Republicans that would put the agency under Congress's thumb. Lawmakers could also overturn specific CFPB regulations, including one loathed by the industry that made it easier for consumers to sue their banks.
Most importantly, Republicans are poised to get the chance to replace the CFPB's aggressive leader, Democrat Richard Cordray. His term is up in 2018, but Trump may be able to replace him even sooner if a recent court ruling is upheld that gave the president more leeway to oust the agency's director. Trump would be expected to replace Cordray with someone far less interested in pursuing tough oversight.
Here at PB.com, we have been a reliable CFPB critic, so we'd be happy to see it reformed:
