Hensarling Said to Abandon Commission Model for CFPB in Favor of Director Reporting to the President

The WSJ has a report here (behind paywall).  In the next version of the Financial Choice Act, House Financial Services Chair Jeb Hensarling is also reported to be considering eliminating the Bureau's supervisory authority, power to regulate payday lending, consumer complaint database and its research and consumer education functions.  The goal appears to be to create the illusion of consumer protection without much reality.