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Trump wants to curb the CFPB

Photo: Brendan Smialowski / AFP / Getty Images

"Acting Chief [Mick Mulvaney] Recommends Reining In Consumer Financial Protection Bureau," the Wall Street Journal reports on A1.

Why it matters: "The changes would be a substantial departure from the CFPB’s structure, which currently gives it wide latitude to oversee consumer financial products without interference from Congress or the White House, and make it less independent than other banking and markets regulators."

  • "Major CFPB rules would need congressional approval, ... and the CFPB’s director would answer directly to the president, instead of being fully independent. Its funding, which currently comes from the Federal Reserve, would be handled by Congress."
  • Mulvaney in a report to Congress: “The bureau is far too powerful, and with precious little oversight of its activities."
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