The story is headlined Pence VP Pick Could Shape Trump's Banking Policy (free content). Here is what the article says about Pence's view of the CFPB:
When the Consumer Financial Protection Bureau was just a legislative proposal, Pence objected to giving a new agency so much power; he would likely support efforts to reform the structure of the agency. Republicans have been pushing to replace the bureau's single director with a five-person commission and to require that the bureau consider credit availability as well as consumer protection.
"The bill allows bureaucrats to determine the types and terms of credit products offered to consumers, through the establishment of the so-called Consumer Financial Protection Agency," Pence said in the speech to the New York Hedge Fund Roundtable.
"An unelected 'credit czar' would be empowered to dictate what financial products could be offered and at what terms, drastically reducing the number of financial products available and driving up the cost of credit generally, at a time when families and small businesses can least afford it," Pence added. "Agencies need the ability to consider safety and soundness and consumer protection together to ensure that a balance is achieved and neither responsibility is neglected."
