Douglas Gillison, Nupur Anand, Pete Shrhzh and Isla Binney
(Reuters) – On Wednesday, JPMorcan Townhall’s meeting asked whether the decision to the Trump administration would sharply stop working on the Consumer Financial Protection Bureau (FFA) and its existence, it was good news for the industry.
Dimon told his employees that it was difficult for the bank when “politics is bent and ahead” and that he preferred his policy. CFPB has had a good consumer protection rules, especially when it came to areas like payers’ lenders, reported by Reuters, which has not been previously reported. He still did not mourn the dismantling of the agency.
“The only good I will say about CFPB is the rules of consumer protection that are good,” said Dimon. He added that the agency “massively exceeded their power” and caused the agency to describe former Former FFA director, Rohit Chopra, who heads the aggressive performance campaign against the industry. JPMorgan was among the three banks in December, the “spread” frauds on “spread” fraud, “spread”, “widespread” frauds.
JPMorgan refused to comment. Chopra’s spokesman refused to comment.
2010 It was founded to protect consumers after the rules of mortgage loans and in the practice of other rough industry, which led to the 2008 financial crisis, CFPB emerged from conservatives and industry.
Even so, by eliminating the trump card, including Elon Musk-Lady Government’s Faculty (DOGE), which regulates what regulates or works in banks or employment companies regulated by CFPB.
The sudden suspension of work has a conflict of consequences. It leaves the consumer funding from mortgage companies to payment programs, unchecked and removes the place where consumers can file complaints about their suppliers. It also leaves many investigations that depend on the balance, as well as some current and former CFPB employees of industry consultants.
In an industry that has had the impact of the incidents of CFPB, it is worrying that the Patch of State regulators may have asked the issues that CFPB caused potential issues, industry insiders.
Some leaders also concerned the availability of Doge’s property data that CFPB collects and interrogates who the musk team is taking into account the competitive entrepreneur, reporting to the Competitive Entrepreneur.
Musk and President Donald Trump have said that the role of entrepreneurs in Doge does not make a conflict of interest.
CFPB has a huge amount of data, including confidential control reports, examples of examination, investigative records and compliance records, which include personal information on customers, their accounts, transaction stories and product preferences.
Industry leaders say they are worried about the seeming lack of plan on the spot.
“This is what banks have always been concerned. In the Patchwork Regulations, unlike to know who you have to deal with, “said the former lobbying bankers. “It’s easy to say.” Let’s get rid of something “but should be taken place.”
The collector of the White House, the CFPB and Doge did not respond to the comment requests. Musk did not answer the comment request.
Invading
Whether the agency continues to exist in some way and what is its function yet to be watched. The White House nominated former member of the Federal Deposit Insurance Corporation Jonatan Machernyan, as a full-time CFPB manager, leads some analysts to suspect the management completely to upset. McKarernin did not respond to the request of a comment.
The industry’s assistance and concern emphasizes how the triumphant administration’s cleaning of the federal government is likely to result in the consequences that are not fully understood.
The Federal Reserve chairs Jerome Powell told the congress that no other Federal Regulator is using several laws of consumer finances in the absence of it. Some experts say that the regulatory force can leave daily Americans vulnerable to predatory practice, especially from the light regulated parts of the financial industry and in general.
“Banking is about trust, and it is an industry that hinders regulatory uncertainty,” says Matthew Bieben, who heads the Kingy Foundation and Spalding World Bank. “Thus, the long-term question is.” What effect will a new direction will have for consumer confidence and regulatory certainty for market participants? “
The books are closed, the laptops left
Although the writing was on the CFPB wall, the speed of events left the industry and staff astonished.
On 7 o’clock FTB’s Frip, Trump appointed Russell as the acting CFPB director. He also said, who was the director of Trump’s budget, one of the architects of 2025 projects, the conservative manifesto published by the “Heritage” Foundation, which called for the elimination of CFPB.
The speaker of the governing and budget office, which leads to satisfaction, has not responded to the comment request.
The scientists quickly ordered the temporary closure of the agency. One of the CFPB staff said that they had a small warning that many employees left their laptops and personal consequences, such as family photos, and potted plants.
Another employee said that hundreds of bank investigators who are going to go to banks and other financial enterprises on Monday have had to change the travel plans. The execution lawyers turned off their computers to review the documents on investigations, this man said.
This week, the CFPB challenge or confrontation actions tried to find out if they should continue to pursue or protect those cases. The events are expected against companies, including capitalists, accused of deceiving customers in accounts of great interest. Meta, who said it was examined on the advertisement of financial products. And the expert, which faces the trial, claims that it was wrong.
Meta rejected the comment. Experienced and the capital did not respond to comment requests.
“There are many organizations that are currently in the investigation, which are interested in what it means … and if it is possible that the investigations will be closed in the case of” Stoson “law firm with CFPB.
(Gives Douglas Gillison, Pete Shrotav, Nupuri Anand, Hanna Lang and Isla Binni. Additional report by Nuguen and Tatiana Bautier. Wrote by Megan Davies)
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