Republican lawmakers and business groups are crafting plans to rein in the federal government’s consumer-finance watchdog in the wake of Donald Trump’s presidential victory, the Wall Street Journal reported today. The trade group for credit unions has demanded that the Consumer Financial Protection Bureau immediately “cease its pending rulemaking” affecting its members, seeking to give the new administration a chance to cast a more skeptical eye on the proposals than the current Democratic White House would provide. The agency has “stifled” the industry’s ability to serve its customers, Jim Nussle, head of the Credit Union National Association, said on Friday. Industry experts say that it could be a year or so until a significant structural change could be made to the CFPB. That is in part due to a pending court case in which a panel of federal judges in October ruled the bureau’s single-director unconstitutional and ordered a new structure giving the president the power to dismiss the director at will. CFPB Director Richard Corday’s term runs until 2018. Under current law, Trump couldn’t force him out without cause.
