Financial Firms Oppose CFPB

This is a news story, published by CNBC, that relates primarily to CFPB news.

banking & finance news

For more banking & finance news, you can click here:

more banking & finance news

CNBC news

For more news from CNBC, you can click here:

more news from CNBC

About the Otherweb

Otherweb, Inc is a public benefit corporation, dedicated to improving the quality of news people consume. We are non-partisan, junk-free, and ad-free. We use artificial intelligence (AI) to remove junk from your news feed, and allow you to select the best business news, entertainment news, world news, and much more. If you like banking & finance news, you might also like this article about

Consumer Financial Protection Bureau

. We are dedicated to bringing you the highest-quality news, junk-free and ad-free, about your favorite topics. Please come every day to read the latest Consumer Bankers Association news, banking services news, banking & finance news, and other high-quality news about any topic that interests you. We are working hard to create the best news aggregator on the web, and to put you in control of your news feed - whether you choose to read the latest news through our website, our news app, or our daily newsletter - all free!

American financial companies

CNBC

•

Business

Business & Economics

Here's why banks don’t want the CFPB to disappear

Summary

Nutrition label

83% Informative

For years , American financial companies have fought the Consumer Financial Protection Bureau in the courts and media.

Now, with the CFPB on life support after the Trump administration issued a stop-work order and shuttered its headquarters, the agency finds itself with an unlikely ally.

Banks would find themselves competing directly with non-bank financial players, from big tech and fintech firms to mortgage, auto and payday lenders.

Now, there's growing consensus that an initial push to "delete" the CFPB is a mistake.

Besides increasing the threat posed from non-banks, current rules would still be on the books, but nobody would be around to update them as the industry evolves.

Small banks and credit unions would be even more disadvantaged than their larger peers, advocates say.

VR Score

Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech