CFPB to Cut Financial Firm Supervision, Curb Fintech Focus
The US Consumer Financial Protection Bureau headquarters in Washington, DC.
Photographer: Al Drago/BloombergThis article is for subscribers only.
America’s top consumer financial watchdog has spelled out its priorities under the Donald Trump era, including a dramatic cut to supervision and a shift away from financial technology firm oversight.
The Consumer Financial Protection Bureau said it will curb the number of supervision “events” by 50% and leave other enforcement actions to states, according to an email to staff seen by Bloomberg News. The move will “avoid the ever-increasing number of supervisory exams, which are multiplying the cost of running businesses and raising consumer prices,” it said.