Here’s why banks don’t want the CFPB to disappear

Key Points

For years, American financial companies have fought the Consumer Financial Protection Bureau in the courts and media.
Now, with the CFPB on life support after the Trump administration issued a stop-work order and shuttered its headquarters, the agency finds itself with an unlikely ally: the same banks that reliably complained about its rules and enforcement actions.
If the Trump administration succeeds in reducing the CFPB to a shell of its former self, banks would suddenly find themselves competing with non-bank financial players, including big tech and fintech firms with far less federal scrutiny than FDIC-backed institutions.
“Payment apps like PayPal, Stripe, Cash App, those sorts of things, they would get close to a free ride at the federal level,” said David Silberman, a veteran banking attorney.

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