Trump targets CFPB funding for greater control

Is his election slowing down affordable housing? California thinks so


President Donald Trump may not be attending the correspondents’ dinner, but he’s still putting in his presidential duties this weekend.

Top of the list, for HousingWire readers, is Trump’s proposed budget plans to change the funding structure for the Consumer Financial Protection Bureau.

According to Joe Light in Bloomberg, Treasury Secretary Steven Mnuchin said entitlement programs, such as Social Security and Medicare, will not be touched, but tax reform is imminent.

Additionally, concerning the CFPB, funding for the regulatory entity would no longer come from the Federal Reserve.

This would provide something Republicans long looked for; greater control of the CFPB.

From the article:

Mnuchin also said the Trump administration is looking at a proposal from Representative Jeb Hensarling, Republican of Texas, to eliminate the Consumer Financial Protection Bureau’s authority to supervise financial firms.

The administration is “absolutely on board with” changing CFPB’s current funding process through the Federal Reserve to one of Congressional appropriations, Mnuchin said. Such a move would give Congress more control over the agency, which was formed in 2011 as part of the Dodd-Frank Wall Street reforms enacted after the 2007-08 financial crisis.

And speaking of big night galas, shout out to last night’s Oscar’s host Jimmy Kimmel for working Dr. Ben Carson into a HUD joke, a first for the Academy?

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