The Consumer Financial Protection Bureau is set to lose some of its potency. Although Republicans—who have opposed the agency since its inception—will succeed in extracting some of its teeth, the GOP won’t be able to totally defang it.
Now that CFPB Director Richard Cordray is stepping down at the end of the month, President Trump, a critic of the consumer watchdog, is free to nominate a more business-friendly replacement. The administration also will work with congressional Republicans, many of whom want to dismantle the agency, to revamp its structure and refocus its mission.
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