Consumer Financial Protection Bureau Fights to Stay Alive Under Trump
While the future of the CFPB remains cloudy, Trump’s pick for Treasury secretary, Steve Mnuchin, hinted it may, at the very least, need an overhaul.
.. “The biggest issue I have with the CFPB, I don’t believe they should be funded out of profits from the Federal Reserve. I think they should be funded out of an appropriations process.”
.. Mierzwinski scoffed at Mnuchin’s idea; “That is code for I want to kill the CFPB,” he said. For Warren, a funding shift would give the big banks more power. “The CFPB gets an independent source of funding – like every other federal banking agency in U.S. history – so that it can hold banks like Wells Fargo accountable without fearing budget cuts from big bank allies in Congress. If Mr. Mnuchin and others push to change the consumer agency’s funding source, they will be declaring loud and clear that they care more about pleasing big banks than protecting working families and the safety of our financial system,” she said in a statement to FOX Business.
.. Last year, the CFPB levied a record $185 millionOpens a New Window. fine against Wells Fargo (WFC) for creating upwards of two million phony customer accounts to allegedly meet sales goals. Prior to the fine, in 2013, the Los Angeles TimesOpens a New Window.reported the practices.