The Trump administration is quietly meeting with congressional Republicans to chart the future for the Consumer Financial Protection Bureau (CFPB).
Semafor, sourcing its coverage from four unnamed lawmakers, reports CFPB Acting Director Russ Vought met with Republican members of the House Financial Services Committee to determine the agency’s future. The administration’s attempts to shut down the agency have been flummoxed by the courts, and the lawmakers huddled with Vought to determine whether greater congressional oversight can rein in the agency.
The lawmakers also called on Vought to complete the CFPB’s rulemakings on data collection, open banking, small-dollar lending and disparate-impact claims.
“Everyone’s sober about what the path forward is for now,” said Rep. John Rose (R-TN). “Obviously, there’s a role the CFPB plays, so if they were to go away — which is not likely to happen in the current environment — there would still be a regulatory obligation there.”
A spokesperson for Vought, who also runs the White House’s Office of Management and Budget, did not comment.
Photo by Adam Fagen / Flickr Creative Commons
Seriously? We need this Agency for the collection of only a few things?
Surely some other existing Agency can take over their tasks. I’m totally against
CFPB even existing. Waste of money.