In a letter sent to President Obama on Friday, 43 Republican senators committed to refusing approval of any nominee to head the consumer watchdog until the bureau underwent significant reform. Lawmakers signing on to the letter included Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Mike Crapo (R-Idaho), the ranking member of the Senate Banking Committee.The Republicans continue to demand that the CFPB be made completely toothless, turned into a bipartisan commission that Congress would have financial control over, so that they can continue to protect their buddies on Wall Street from an agency that does radical things like this.
"The CFPB as created by the deeply flawed Dodd-Frank Act is one of the least accountable in Washington," said McConnell. "Today’s letter reaffirms a commitment by 43 Senators to fix the poorly thought structure of this agency that has unprecedented reach and control over individual consumer decisions — but an unprecedented lack of oversight and accountability.”
(Reuters) - The consumer bureau said on Thursday it wants information on college and university-affiliated banking products as it seeks to better understand the types of financial services that are marketed to students. [...]That's pretty scary stuff there, helping provide financial protection and education to college students, that Republicans are trying to save
"The bureau wants to find out whether students using college-endorsed banking products are getting a good deal," Director Richard Cordray said in a statement.