No company aside from CFPB tasked with shopper safety enforcement

(Reuters) – No U.S. regulator aside from the Client Monetary Safety Bureau is tasked with making certain that banks abide by guidelines guarding in opposition to misleading practices relating to customers, the top of the Federal Reserve stated on Tuesday as he was pressed by a senior Democratic senator to make sure the CFPB stays funded.

The Trump administration has advised the company’s employees to remain house and stop enforcement actions as a part of Elon Musk’s authorities effectivity drive.

“If the CFPB isn’t there, analyzing these large banks to verify they’re following legal guidelines on not deceiving customers, who’s doing that job?” Senator Elizabeth Warren of Massachusetts requested Powell throughout his look earlier than the Senate Banking Committee.

“I can say no different federal regulator,” Powell stated.

(Reporting By Dan Burns; Enhancing by Chizu Nomiyama)