“Without being able to go after abusive acts or practices, the agency would have had much weaker ability to pursue the Wells Fargo case,” Levitin says.
Many existing CFPB rules will probably stay intact, says Isaac Boltansky, a policy analyst at Compass Point Research & Trading. But he expects the leadership of the agency to eventually move to a committee and thinks this will double the time it takes to make rules and cut the number of enforcement actions in half.
And the agency is likely to “think much harder about congressional reaction to its rules,” says Quyen Truong, the former deputy general counsel at the CFPB, who’s now a partner at the law firm Stroock & Stroock & Lavan.
Also on Hensarling’s wish list is a new name: the Consumer Financial Opportunity Commission.
This article was provided by Bloomberg News.