MONEYWATCH
The curious case of the CFPB
April 13, 2012
April 13, 2012
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CONTINUED...
abuses. The agency, hemmed in by powerful opponents on Capitol Hill that have vowed to weaken it, also could be gun-shy.
Indeed, despite claims by banking industry lobbyists that the CFBP is unaccountable, the agency is arguably the least independent financial regulator. It must answer to a council of other banking and government agencies, which in some cases can override the bureau's authority. It is required to consult with other federal watchdogs before passing a rule. Congress also may change its rules, while the courts can ensure the agency remains within the law.
Whatever the reason for the CFPB's move
abuses. The agency, hemmed in by powerful opponents on Capitol Hill that have vowed to weaken it, also could be gun-shy.
Indeed, despite claims by banking industry lobbyists that the CFBP is unaccountable, the agency is arguably the least independent financial regulator. It must answer to a council of other banking and government agencies, which in some cases can override the bureau's authority. It is required to consult with other federal watchdogs before passing a rule. Congress also may change its rules, while the courts can ensure the agency remains within the law.
Whatever the reason for the CFPB's move
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