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July 5, 2016

American Banker: Will a CFPB Commission Ever Happen?

“At the end of 2015, there were at least 48 bills pending before Congress that sought to change, defund, or otherwise weaken the Consumer Financial Protection Bureau. None of them passed.

“Yet some critics of the bureau think there is a renewed chance to change the bureau’s structure. They point to the presidential election and recent setbacks to CFPB Director Richard Cordray, including a watchdog’s report on employee discrimination and a pending legal challenge to its constitutionality, as laying the groundwork for a change.”

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But Dennis Kelleher, president and CEO of the Wall Street reform group Better Markets, said the push for structural changes is a cloak to dismantle the agency entirely.”

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To read the full American Banker article by Kate Berry click here.

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