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.
We see capitalism running amok and in need of some serious regulation. Consumers need protection from predatory capitalists. Anything good is being taken away, from clean air and water to feeling safe in our own homes. And it won’t stop until we rid ourselves of this perverted administration.
Just another predatory over reaching entity that “ discriminates” and plays the game of giving high mortgage rates to “ risky” people from little made in the past 7 years..
Score them.. the lower the score.. charge them more due to a “ risk” factor.. vs.. they de same rate for Everyone who takes out a loan!
Wake up peeps!!! Less gov means good gov!
Did this site ban me!!!???
No, Kerry, you are not banned.
TOO MANY ENTITIES WITH CONFLICTING RULES & REGS. TIME TO DOWNSIZE.
With CC interest rates at 30% who needs them. They have been doing such a great job – LOL