Biden has the power to make the Consumer Financial Protection Bureau more aggressive – he has President Trump to thank
By Jacob Passy
During the past four years, the Trump administration has significantly scaled back the activities of the Consumer Financial Protection Bureau, the agency created in the wake of the 2008 financial crisis that was meant to shield Americans from potential wrongdoing on the part of the country’s largest financial firms….These changes could even lead to a flurry of activity in the coming weeks before the inauguration, multiple experts told MarketWatch. “I think you’re going to see a rash of settlements during the fourth quarter where companies in disputes with the CFPB will just settle,” said Karen Shaw Petrou, co-founder and Managing Partner of Federal Financial Analytics, a consulting firm on regulatory matters for financial services firms. “They’d rather get something they don’t like from a Trump administration appointee than the odds of something they really, really, really don’t like, under Biden,” she said.
