Dimon Praises Consumer Protection

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JPMorgan

Reuters

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US Politics

Financial firms hated US consumer watchdog, but rapid unraveling creates limbo

Summary

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79% Informative

JPMorgan CEO Jamie Dimon told his employees that it was hard for the bank when "policies flip back and forth" The CFPB has been reviled by conservatives and the industry, which has accused it of overreach and overzealous enforcement actions.

The sudden halt of work has a swath of consequences: it leaves much of consumer finance, from mortgage companies to payment apps , unsupervised.

On Feb 7 , a Friday night , President Trump appointed Russell Vought as the acting director of the CFPB .

Vought, who is also Trump ’s budget director, was one of the architects of Project 2025 , a conservative manifesto published by the Heritage Foundation .

The speed of events has left industry and staffers stunned.

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English

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