The article discusses the recent tumultuous changes at the Consumer Financial Protection Bureau (CFPB) during the Trump administration, culminating in the appointment of Calabria. After multiple leadership changes and an executive order to consolidate independent agencies' power under the Office of Management and Budget (OMB), Calabria, with his extensive experience, is seen as a pivotal figure. He is expected to influence enforcement policies in the mortgage sector, signaling a shift in the CFPB's approach under a more Republican-friendly regime, while hinting at the broader implications of such leadership restructuring on regulatory oversight.
Calabria's interim stint at CFPB could be part of a much bigger role he will play at OMB, tasked with bringing independent agencies under Trump’s control.
The executive order seeks to rein in independent agencies under Trump's direct control, stating these agencies will no longer impose rules without oversight.
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