U.S. consumer financial agency could be defanged under Trump

Consumer Financial Protection Bureau Director Cordray answers questions at the Reuters Washington Summit in WashingtonThe U.S. Consumer Financial Protection Bureau, already in legal limbo after an October court decision, could find its powers scaled back by President-elect Donald Trump and a Republican-led Congress, according to members of both political parties, lobbyists and lawyers. Creation of the CFPB was authorized in the 2010 Dodd-Frank Wall Street reform law enacted in the aftermath of the 2007-09 financial crisis. An agency to protect consumers’ finances was the idea of liberal Democratic Senator Elizabeth Warren of Massachusetts.

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