In early February, President Donald Trump ordered Treasury Secretary Steve Mnuchin and the Treasury Department to thoroughly review banking and financial sector regulations imposed after the housing market collapse of 2007, and Sen. Elizabeth Warren’s (D-MA) Consumer Financial Protections Bureau (CFPB) may be headed for reform.
According to reports, the administration is expected to announce plans to reduce the powers of the CFPB when they reveal the Treasury’s review of banking regulations. Warren helped create the CFPB, which she believes is a vital tool in protecting U.S. consumers and in keeping Wall Street in check. The CFBP has the authority to enforce consumer laws and to review individual firms.
Reportedly, the Treasury’s assessment will be critical of the CFPB. The administration is expected to recommend the bureau’s authority to review financial institutions be reduced.
The report, which may be released as early as Monday, is also expected to propose modifications to Dodd-Frank. Its recommendations may be less pervasive than the Financial CHOICE Act, a bill passed by the House June 8.
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