The complaint is here.
This week, ~1,000 people—employees and supporters of the Consumer Financial Protection Bureau—stood in the cold at a rally to protest the attempted ransacking of the agency. In the middle of the supportive speeches, agency employees broke out into chants: “Let. Us. Work,” demanding that they be allowed to continue to protect the American public from […]
From Kyle Campbell’s report in the American Banker: “There are only two statutes that require the Fed to make Fed bank assessments and neither permit the CFPB to fund transfers,” Britt said. “So what authority, exactly, did the federal reserve have to assess the reserve banks in this manner over the last two years?” Powell […]
The report, from Politico Pro, may be behind a paywall.
Politico has a story here. As the article notes, the nomination has already drawn support from the industry.
In Slate. Excerpt: But what is most upsetting is that this is all blatantly illegal. The CFPB was created by Congress in the Dodd-Frank Act, which was passed in the immediate aftermath of the 2008 financial crisis—the worst economic crash since the Great Depression. Congress enacted the Dodd-Frank Act to carry out the mandate of […]
Here, in the American Banker. Excerpt: President Trump confirmed on Monday that his goal is to eliminate the Consumer Financial Protection Bureau, which he said “was set up to destroy people.” Speaking to reporters from the Oval Office, Trump was asked on Monday afternoon to confirm that his goal was to have the CFPB totally […]
Here, by Stacy Cowley. Excerpt: “I do not believe it is appropriate, nor lawful, to stop all supervisory activities and examinations, and I cannot longer serve as the supervision director,” Lorelei Salas, the bureau’s acting assistant director for supervision examinations and assistant director for supervision policy, wrote in an email to the supervision staff.