Trump Considering ‘Pretty Significant’ Changes to CFPB

PYMNTS

November 24, 2024

President-elect Donald Trump and congressional Republicans are reportedly considering sweeping changes to the Consumer Financial Protection Bureau (CFPB).

The GOP hopes to curtail the powers and funding of the CFPB, the Washington Post reported Sunday (Nov. 25), putting them in the same camp with banks, credit card and mortgage lenders and other big financial companies.

These financial institutions, the report noted, have been battling the CFPB under Democratic control, particularly regulations against things like “junk fees.”

Rohit Chopra, the Democrat who heads the bureau, has aggressively pursued efforts to help consumers switch banks and avoid overdraft fees. Republicans have opposed these works, accusing the CFPB of regulatory overreach.

Now, with their party in control of the White House, Senate and House, there are signs of the Republican plan to impose new limits — some of them permanent — on the CFPB’s power.

“There will be a pretty significant change from the direction the agency has been going in, and I think in a positive way,” said Kathy Kraninger, who oversaw the CFPB during Trump’s first term, and now serves as CEO of lobbying group the Florida Bankers Association.

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