Trump's election does not bode well for the CFPB
President-elect Donald Trump campaigned as a champion of the financially stressed middle class. To see how true he is to his word, watch how he handles the direction of the Consumer Financial Protection Bureau.
The agency was created as part of Dodd-Frank financial-reform legislation of 2010, which was passed in response to the unscrupulous behavior of many companies on Wall Street.
Will the Trump administration replace the CFPB’s current director, Richard Cordray — who has been aggressively going after businesses that take advantage of consumers — with someone who is cozy with corporate America? Cordray’s term isn’t up until 2018, but a court has ruled that he can be removed at will by the president.
The CFPB has been under attack since its very inception mostly by Republicans who have argued that the financial-services industry is already heavily regulated. And yet some of those same companies caused a housing and financial crisis that harmed millions of consumers nationwide.
Read more: http://www.journalnow.com/ap/business/trump-s-election-does-not-bode-well-for-the-cfpb/article_9dd8d57e-35db-5af6-b089-ae689b30be6d.html
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