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Members warn CFPB shutdown creates consumer‑protection gaps; Powell says agencies could reassume duties if Congress directs
Summary
Ranking members and several Democrats told the House committee that the Consumer Financial Protection Bureau’s interruption has created regulatory uncertainty; Powell said rules remain in force and that supervisory responsibilities could revert to the prudential regulators if Congress reallocated them by statute.
Democrats pressed the Fed over the recent interruption of the Consumer Financial Protection Bureau’s operations and the impact on consumer protections and supervision.
Representative Waters and other members told the committee the CFPB’s effective shutdown left consumers without a federal supervisory authority. Waters said the agency had returned roughly $21 billion to consumers since its inception and called for hearings…
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