Elon Musk turned bankers' heads last week when he tweeted the CFPB should be eliminated because there are "too many duplicative regulatory agencies." The tweet is notable given that Musk and Vivek Ramaswamy have been tapped by President-elect Trump to lead the something he's calling the Department of Government Efficiency to cut government spending and whittle down the bureaucracy.
But despite its official-sounding name, DOGE won't have the power to eliminate agencies like the CFPB. Only Congress has that power, and experts are skeptical Trump could get the votes or want to spend valuable political capital pursuing the option, especially after the recent SCOTUS decision upholding the constitutionality of the agency's funding structure.
However, Trump has pledged to roll back regulations, and may seek to reshape the CFPB, starting by nominating a new director, then curtailing its rulemaking activity and revising various interpretive guidance.
What do you think? Is eliminating the CFPB a realistic possibility? Or will Trump aim to charter a different course with the agency instead?
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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I think the establishment of the CFPB was unconstitutionally formed. Part of the issue in dealing with regulation is that there are too many regulators and the ones we have are unexperienced. In our case since day one, the OCC and CFPB have been in a territory war and should be merged and streamlined.
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Art Stauffer
Chief Executive Officer
First Texoma National Bank
Durant, OK
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Original Message:
Sent: 12-02-2024 14:50
From: Rob Blackwell
Subject: Tuesday Topic: Will Trump 'Delete' the CFPB?
Elon Musk turned bankers' heads last week when he tweeted the CFPB should be eliminated because there are "too many duplicative regulatory agencies." The tweet is notable given that Musk and Vivek Ramaswamy have been tapped by President-elect Trump to lead the something he's calling the Department of Government Efficiency to cut government spending and whittle down the bureaucracy.
But despite its official-sounding name, DOGE won't have the power to eliminate agencies like the CFPB. Only Congress has that power, and experts are skeptical Trump could get the votes or want to spend valuable political capital pursuing the option, especially after the recent SCOTUS decision upholding the constitutionality of the agency's funding structure.
However, Trump has pledged to roll back regulations, and may seek to reshape the CFPB, starting by nominating a new director, then curtailing its rulemaking activity and revising various interpretive guidance.
What do you think? Is eliminating the CFPB a realistic possibility? Or will Trump aim to charter a different course with the agency instead?
------------------------------
Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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