Banks and other financial companies were seeking a lighter touch and more certainty from the Consumer Financial Protection Bureau.
What they’re getting is a sudden evisceration of the agency. And it’s starting to cause industry jitters.
“Having this much uncertainty in the regulatory arena is of concern here at America’s Credit Unions,” Carrie Hunt, the credit union trade association’s chief advocacy officer, said on a Monday call with reporters.
The CFPB’s supervision, enforcement, rulemaking, and other operations are on hold while a team from Elon Musk’s Department of Government Efficiency pores over the agency’s internal documents—including confidential supervisory information from ...