Popular vote loser Donald Trump is likely to nominate former Rep. Randy Neugebauer (R-TX) to replace Richard Cordray at the Consumer Financial Protection Bureau, Huffington Post reports:
When he was in Congress, Neugebauer opposed CFPB actions like the first-ever federal rule cracking down on payday loans. He labeled the agency’s effort to require payday lenders to take basic steps to ensure consumers can pay back their loans and not get trapped in a cycle of debt as a “paternalistic erosion of consumer product choices.” He introduced a bill to overhaul and weaken the agency.
As the CFPB was originally designed, the president could not fire its director at will before his five-year term expired. But a federal appeals court ruled last year that the agency structure is unconstitutional. Unless that ruling is overturned by the Supreme Court or reconsidered by the lower court that decided it—the CFPB petitioned that court to vacate the earlier ruling—Trump will be able to remove the Obama-appointed Cordray at any time for any reason.
Your right to be swindled by payday lenders, banks, car dealers and credit card companies will no longer be infringed upon by a "paternalistic" government, so there's that, I guess. The independence of the CFPB will also likely be stripped, a long-standing goal of Republicans who want the agency to be under tighter congressional control so it will stop doing things like returning billions of dollars to millions of people who have been scammed. To put a number on it, $12 billion to 27 million people as of its fifth anniversary in July, 2016.