The article discusses the legal constraints on the administration attempting to dismantle the Consumer Financial Protection Bureau (CFPB) as highlighted by Colgate Selden. Lawmakers like Congresswoman Maxine Waters express concerns about the agencyâs viability under the Trump administration. The CFPB's proposed focus on consumer harm, particularly for military families, sparks apprehensions among consumer finance experts about the agency's future and potential state-level laws stepping in to fill gaps left by federal oversight. Nanci Weissgold emphasizes the necessity for mortgage companies to remain cautious as regulatory trends evolve.
Under the Constitution, the administration does not have the authority to dismantle an agency if it's funded by Congress, which enforces the agency's mission.
Congresswoman Maxine Waters applauded the judgeâs ruling, asserting that Democrats will continue to obstruct harmful actions taken against the agency.
States may become very proactive in enforcing federal laws, as shown before 2011, potentially leading to inconsistent interpretations of those federal laws.
Nanci Weissgold warned the mortgage industry to stay vigilant during this shift, indicating that the pendulum is swinging back to more oversight.
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