When Donald Trump was elected president, there were reports of the president-elect’s intention to do away with the Consumer Financial Protection Bureau altogether. Now, only a week after his inauguration, there are updated reports indicating that one of Trump’s goals in his first 100 days is not quite to eliminate the CFPB, but rather the passage of the Republican-led Financial Choice Act.
The Financial Choice Act does make significant changes to the CFPB. It would replace the control of a single director with a bipartisan panel. In addition, it would change the way the CFPB was funded, giving Congress control to strangle the agency’s appropriations. There are other details of the Financial Choice Act, including a stay on additional regulations, and proposals that would eliminate disparate impact and unfair, deceptive, or abusive acts or practices laws.
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