Three Senate Democrats want Trump administration officials to keep a closer eye on the banks handing out aid to small businesses after some companies said they had received less than they expected, without explanation.
A Consumer Financial Protection Bureau task force that has been criticized in the past for its pro-business leanings stands to earn hundreds of thousands of dollars to offer advice on how to “harmonize and modernize” federal laws aimed at protecting the public.
The task force members’ prorated salaries are near the top of the pay scale for the CFPB, an agency frequently criticized by Republican lawmakers for paying its staff more generously than most other federal agencies.
“This looks like a plan to draft a far-right wing agenda for gutting 40- to 50-year-old consumer protections, on the public’s dime,” said Diane Thompson, a former top CFPB official and now an attorney at the National Consumer Law Center.
The Taskforce on Federal Consumer Financial Law consists of five outside conservative academics and industry lawyers who have represented payday lenders in CFPB enforcement actions and consumer litigation, as well as banks and other companies in regulatory...
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