A week ahead of the deadline, the Consumer Financial Protection Bureau on Friday appealed a court ruling that could leave the independent watchdog vulnerable to the whims of President-elect Donald Trump.
The financial agency had until next Friday to contest an October decision that essentially left its director, Richard Cordray, at the mercy of the president. As written, the law that created the bureau largely insulates its director from the White House.
But Trump’s transition team has already threatened do “dismantle” the 2010 Dodd-Frank Act ― enacted in the wake of the Wall Street financial crisis to protect consumers from abusive financial practices.
The CFPB, championed by Sen. Elizabeth Warren (D-Mass.), also is in the crosshairs of Senate Republicans, who are seizing on Trump’s victory to drain the agency of funding and curtail its authority. Sen. Richard Shelby (R-Ala.) told The Huffington Post this week he wouldn’t mind seeing the CFPB completely eliminated.
Warren, for her part, is sounding the alarm about GOP plans to defang the agency.