“Congress should abolish the CFPB and reverse Dodd–Frank Section 1061, thus returning the consumer protection function of the CFPB to banking regulators and the Federal Trade Commission.”
Citation: Project 2025, Section 5.1: Financial Regulatory Agencies, Robert Bowes, page 871, paragraph 2
Context:
This would have significant consequences for consumer protection, financial regulation, and more.
The CFPB was created to provide specialized oversight of consumer financial products and services, focusing on issues like mortgage lending, credit cards, and student loans. Without the CFPB, consumer protection might become fragmented and less effective, as banking regulators (like the Office of the Comptroller of the Currency or the Federal Reserve) may not prioritize consumer issues as strongly. This means consumers could face increased risks of predatory lending practices.
Full contextual analysis of Section 5.1: Financial Regulatory Agencies here.
Categories: Deregulation, The SEC