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Trump and GOP eye new limits on Consumer Financial Protection Bureau
ECONOMIC POLICY
Trump and GOP eye new limits on Consumer Financial Protection Bureau
The discussions align Republicans with banks and other financial giants, which have chafed at the agency’s regulations and crackdowns on fees.
By Tony Romm
November 23, 2024 at 6:00 a.m. EST
President-elect Donald Trump and Republicans in Congress are weighing vast changes to the Consumer Financial Protection Bureau, seeking to limit the powers and funding of a federal watchdog agency formed in the wake of the 2008 banking crisis.
The early discussions align the GOP with banks, credit card companies, mortgage lenders and other large financial institutions, which have chafed at the CFPB under Democratic leadership and sought to invalidate many of its recent regulations, including its efforts to spare consumers from what the Biden administration calls “junk fees.”
By design, the CFPB has a broad mandate to protect Americans from unfair, deceptive or predatory financial practices. Its current Democratic leader, Rohit Chopra, has been aggressive, pursuing a host of rules to shield people from medical debt, make it easier for them to switch banks, and limit the fees they face from overdrawing their checking accounts.
Republicans have long opposed these policies, blasting the CFPB for harming businesses through regulatory overreach. But party leaders are beginning to devise ways to turn that rhetoric into policy, signaling they intend to use control of the House, Senate and White House next year to impose new restrictions on the agency, in some cases permanently.
{snip}
By Tony Romm
Tony Romm is the economic policy and accountability reporter at The Washington Post. follow on X @tonyromm
Trump and GOP eye new limits on Consumer Financial Protection Bureau
The discussions align Republicans with banks and other financial giants, which have chafed at the agency’s regulations and crackdowns on fees.
By Tony Romm
November 23, 2024 at 6:00 a.m. EST
President-elect Donald Trump and Republicans in Congress are weighing vast changes to the Consumer Financial Protection Bureau, seeking to limit the powers and funding of a federal watchdog agency formed in the wake of the 2008 banking crisis.
The early discussions align the GOP with banks, credit card companies, mortgage lenders and other large financial institutions, which have chafed at the CFPB under Democratic leadership and sought to invalidate many of its recent regulations, including its efforts to spare consumers from what the Biden administration calls “junk fees.”
By design, the CFPB has a broad mandate to protect Americans from unfair, deceptive or predatory financial practices. Its current Democratic leader, Rohit Chopra, has been aggressive, pursuing a host of rules to shield people from medical debt, make it easier for them to switch banks, and limit the fees they face from overdrawing their checking accounts.
Republicans have long opposed these policies, blasting the CFPB for harming businesses through regulatory overreach. But party leaders are beginning to devise ways to turn that rhetoric into policy, signaling they intend to use control of the House, Senate and White House next year to impose new restrictions on the agency, in some cases permanently.
{snip}
By Tony Romm
Tony Romm is the economic policy and accountability reporter at The Washington Post. follow on X @tonyromm