As a new Congress and White House begin their respective governmental roles, a still-growing cadre of supporters and opponents are focusing on the future of the Consumer Financial Protection Bureau (CFPB).
Ironically, Capitol Hill’s ongoing regulatory tug-of-war is really not a partisan issue for much of the nation. Early consumer polls documented that the strongest supporters for financial regulation were consumers of color. Considering that Black and Latino consumers are often targeted for financial abuse, strong support is understandable.
Even a December 2016 online poll conducted by Glover Park Group/Morning Consult revealed strong support for CFPB among Trump voters as well:
§ By a margin of 55 to 28 percent, Trump voters oppose efforts to weaken or eliminate the CFPB;
§ 47 percent say the Dodd Frank financial reforms should be kept or expanded, as against 27 percent who want to see that law scaled back or repealed; and
§ 41 percent want the bureau to be left alone, and 14 percent say its power should be increased.
So why are some Capitol Hill lawmakers and lobbyists still determined to attack the CFPB and Richard Cordray, its Director? A number of recent actions appear out of sync with even President Trump’s base.