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Republicans "Chip Away" at Consumer Protection Against Banks.
The bureau was the most popular part of the Wall Street reforms passed into law last year. But it was also the most politically controversial, barely emerging after more than a year's worth of legislative wrangling.
The bureau is an independent agency, funded by fees that banks pay to the Federal Reserve. Beginning on July 21, it will be charged with regulating credit cards, mortgages and other financial products like payday loans.
But Republican lawmakers, who've already made good on promises to pass bills to roll back health care reform and undo environmental initiatives, want to take a bite out of the consumer bureau and bring it under their control.
"Politicizing the funding of bank supervision would be a dangerous precedent," Warren said in a speech to the Consumer's Union last week. "It would deprive the CFPB of the predictable funding it will need to examine large and powerful banks consistently and to provide a level playing field with their nonbank competitors."
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