Released: January 30, 2020
New rules gutting consumer watchdog from the inside
Source: Greg Iacurci, CNBC
A new enforcement policy at the Consumer Financial Protection Bureau is the most recent example of an agency drifting away from its mission to police Wall Street’s bad actors, advocates say.
The CFPB announced that it is changing the way it oversees and punishes abusive practices by financial firms. Perhaps most significantly, the watchdog will impose financial penalties, such as fines, in more limited circumstances and will require a cost-benefit analysis before investigating wrongdoing.
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