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

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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.