(Reuters) – No U.S. regulator other than the Consumer Financial Protection Bureau is tasked with ensuring that banks abide by rules guarding against deceptive practices regarding consumers, the head of the Federal Reserve said on Tuesday as he was pressed by a senior Democratic senator to ensure the CFPB remains funded.
The Trump administration has told the agency’s staff to stay home and cease enforcement activities as part of Elon Musk’s government efficiency drive.
“If the CFPB is not there, examining these giant banks to make sure they are following laws on not deceiving consumers, who is doing that job?” Senator Elizabeth Warren of Massachusetts asked Powell during his appearance before the Senate Banking Committee.
“I can say no other federal regulator,” Powell said.
(Reporting By Dan Burns; Editing by Chizu Nomiyama)
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