This story appeared in Bank Digest.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) addressed the future of the Consumer Financial Protection Bureau during an interview with Bloomberg TV on Feb. 14, 2017. In excerpts from the interview included in a committee press release, Hensarling said he wanted "to protect consumers from the Orwellian-named Consumer Financial Protection Bureau," which he said was "a rogue agency" that "has been ruled unconstitutional."
He also said, "In many respects, this agency is not just involved in law enforcement, which it should be, but it is actually creating law, and is unaccountable." Hensarling acknowledged that an agency is needed to enforce the nation's consumer laws but raised the prospect that the CFPB may not be that agency in the future. According to Hensarling, "So we will have an agency, whether or not the name is changed on the door, whether we have the Federal Trade Commission enforce our roughly 18 major consumer laws, whether we have our banking regulators do it."