Bloomberg Law’s Evan Weinberger reports:
The Trump administration appears to be preparing to transfer employees from the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau to the Office of the Comptroller of the Currency as part of a broad reshaping of bank supervision.
The OCC has created email distribution lists for FDICTransferees@occ.treas.gov, CFPBTransferees@occ.treas.gov, and CFPBTeam@occ.treas.gov, according to Outlook templates obtained by Bloomberg Law from multiple sources at different agencies who were granted anonymity to prevent retaliation.
Remember, before Congress created the CFPB, other banking regulators, with other missions that were more important to them, were responsible for consumer financial protection–and they failed to use the power Congress had given them to block dangerous mortgage lending, the very same lending that led to massive defaults, foreclosures, and the Great Recession.
