A decade-long Republican campaign to weaken the consumer watchdog’s independence is set to backfire if Democrat Joe Biden wins the presidential election, by handing him the power to swiftly replace the agency’s director with a consumer champion, said nearly a dozen lawyers, lobbyists and policy experts. The Consumer Financial Protection Bureau (CFPB) has been a political lightning rod since it was created following the 2009 financial crisis, beloved by Democrats as a guardian of ordinary Americans but reviled by Republicans as too powerful and unaccountable. The Trump administration has clipped the agency’s wings, relaxing enforcement and some rules, …read more
Source:: Yahoo Finance
