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The Trump administration has confirmed that the Consumer Financial Protection Bureau (CFPB) will continue to operate, despite a lawsuit from the CFPB union regarding a stop-work order and other restrictions. In a court filing, administration officials stated, "There will continue to be a CFPB," emphasizing plans to streamline the agency's operations. Russ Vought, a key official, reiterated that the agency will remain open, and the Justice Department supported this claim, stating that the bureau's existence is essential for a more efficient operation. Trump's nominee to lead the CFPB, Jonathan McKernan, is set to address the Senate Banking Committee, asserting that he will enforce federal consumer financial laws while focusing on real consumer risks and bad actors. The administration's stance comes amid criticisms regarding the bureau's perceived politicization and legitimacy.
The Trump administration denied that it is planning to eliminate the Consumer Financial Protection Bureau, telling a judge that it had closed the agency's headquarters and benched employees instead partly due to their own "disruptive protests." https://t.co/QwCpjL4LCq https://t.co/KO5K9B1X7t
Trump's nominee to run the CFPB says he "will take all steps necessary to implement and enforce the federal consumer financial laws." "But the CFPB will do this by centering its regulation on real risks to consumers and by focusing its enforcement on bad actors."
Trump's CFPB pick Jonathan McKernan's opening statement for tomorrow's Senate Banking confirmation hearing is out. He will say the agency has "acted in a politicized manner" and that "it’s clear that the CFPB suffers from a crisis of legitimacy." https://t.co/cWCQgN8Ac0