Here. The whole article is worth a read, but here’s an excerpt:
Sources tell the Prospect that industry trade groups are alarmed at the rapid dissolution of the CFPB, which puts things in a far more uncertain state than before it was established in 2010. Even regulated industries acknowledge that CFPB contributed to the smooth functioning of markets that could easily break in its absence.
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* * * In a statement, Randell Leach, CEO of Beneficial State Bank, a community bank based in Oakland, California, said that shuttering the CFPB “pose[s] a serious risk to the financial wellbeing of everyday Americans” and “only helps predatory lenders and others who are scared of the transparency and accountability mechanisms created by the CFPB.” You could see a small bank having the ability to sue the government for this disparate treatment relative to big banks.
