CFPB’s Role in Consumer Protection

(Reuters) – No U.S. regulator other than the Consumer Financial Protection Bureau (CFPB) is tasked with ensuring that banks abide by rules guarding against deceptive practices regarding consumers, the head of the Federal Reserve, Jerome Powell, said on Tuesday. He was pressed by Senator Elizabeth Warren to ensure the CFPB remains funded.

The Trump administration has directed the agency’s staff to stay home and halt enforcement activities as part of Elon Musk‘s government efficiency initiative.

> “If the CFPB is not there, examining these giant banks to make sure they are following laws on not deceiving consumers, who is doing that job?” – Senator Warren asked Powell during his appearance before the Senate Banking Committee.

Powell responded, “I can say no other federal regulator.”