by Jeff Sovern
Hensarling calls the bill the Financial Choice Act. Make America Great for Banks Act is closer to the truth. Based on a quick look, the bill would give bank lobbyists power over the CFPB by subjecting it to the appropriations process, increase the likelihood of deadlocks by turning the Bureau into a commission, strip the agency of the power to stop abusive practices (evidently the financial industry should be able to abuse consumers), repeal the Bureau's power to regulate arbitration clauses, limit the Bureau's power to regulate payday lending (apparently debt traps are good), and limit the ability of the Bureau to protect consumers in other ways. The war on consumer protection continues.