The CFPB under fire
In June 2017, the Trump administration proposed making good on its campaign promise to curb the Dodd–Frank Act and how the Consumer Finance Protection Bureau regulates financial industries overall based on what it considers an overreach of power.
Soon after, in September 2017, the State Education Department ended its agreements with the CFPB to share data on student loans, limiting the agency’s oversight into student lending.
Time will tell how far President Trump limits this watchdog agency’s regulatory oversight. But it doesn’t appear that the CFPB will go without a fight: In October 2017 — after five years of haggling with Congress — it finalized a rule that prevents rollover charges and refinancing on payday loans, much to the chagrin of the lending community.