Republicans — as well as many lobbyists — have long vilified the controversial Consumer Financial Protection Bureau for having scant accountability and writing rules that harm banks and when the party controls both the U.S. Congress and White House, they’re finally in a position to do something about it, Bloomberg reported today. President-elect Donald Trump could sign legislation that would put the agency under Congress’s thumb. Lawmakers could also overturn specific CFPB regulations, including one loathed by the industry that made it easier for consumers to sue their banks. Most importantly, Republicans are poised to get the chance to replace Richard Cordray. His term is up in 2018, but Trump might be able to replace him even sooner if a recent court ruling is upheld that gave the president more leeway to oust the agency’s director. Trump would be expected to replace Cordray with someone far less interested in pursuing tough oversight. Regardless, Sen. Elizabeth Warren and other progressive Democrats will be on the defensive. There are procedural ways for senators to try to block legislation, and Warren has already said she would protest any changes Trump seeks to make to the agency she helped create.
