Trump is expected to almost immediately dismiss Richard Cordray, who has been the head of the Consumer Financial Protection Bureau (CFPB) since its creation in 2011. * * *
"Consumer protection is important to a well-functioning financial marketplace," Neugebauer wrote in one of his arguments for a new CFPB structure. But "this protection must be balanced and politically-neutral. Regulations must be smart and tailored to preserve consumers’ product choice and credit availability."
Among the product choices Neugebauer wants to keep available are many payday lending options that the CFPB has tried to outlaw. Neugebauer's support of the payday loan operators resulted in an ethics complaint in 2015, after it came to light he and other lawmakers received campaign contributions from the industry before attacking the CFPB.