Destroying the CFPB Will Blow Back on Business

In a year of erratic policymaking, the White House has been remarkably consistent in its zeal for demolishing the Consumer Financial Protection Bureau. Unfortunately, this effort is likely to backfire on the very businesses it aims to help.

Since taking the helm in February, acting Director Russell Vought has all but dismantled the CFPB. He has moved to eliminate its funding and fire much of its workforce (efforts still tied up in court), required examiners to read “humility in supervision” statements to companies they visit, ended numerous rulemakings and enforcement orders, and transferred open cases to the Justice Department. Last month, the White House nominated Stuart Levenbach, who has deeper expertise in kelp forests than consumer protection, to lead what remains of the agency.