How the Uncertain Future of the CFPB Could Impact Your Money

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• 00:02

  Here's your money briefing for Wednesday, February 19.

• 00:06

  I'm Mariana Aspuru for the Wall Street Journal.

• 00:12

  A people at the Consumer Financial Protection Bureau has left the agency's future unclear and proposed rules on things like selling customer data and capping credit card late fees in doubt.

• 00:24

  We're talking about a federal regulator that consumers can go to report on their negative experiences with banks and financial payment apps.

• 00:34

  There really isn't any other that is as consumer facing as the CFPB.

• 00:39

  So the options will be pretty limited for consumers if the CFPB is downsized or if it goes away.

• 00:47

  We'll talk with Wall Street Journal reporter Angel Ow Young about what's at stake and how it could impact you after the break.

• 01:14

  Work at the Consumer Financial Protection Bureau came to a halt last week, leaving many consumer protections in limbo.

• 01:21

  Wall Street Journal reporter Angel Ow Young joins me.

• 01:24

  Angel, what are some of the main functions of the CFPB?

• 01:28

  The CFPB is a federal regulator and they supervise banks, payment companies,

• 01:34

  basically any financial institution that touches consumers and consumers interact with on a regular basis to move money,

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  make transactions, etc.

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  So your credit card accounts, your debit card accounts, like those kinds of companies?

• 01:48

  Yes, your credit cards, payment apps, like Venmo, CashApp, high yield savings accounts.

• 01:55

  And why is the fate of the agency up in the air right now?

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  The Trump administration has essentially identified the CFPB as having overreached its authority.

• 02:05

  This isn't an argument that is particular to Trump.

• 02:09

  And so since it's founding,

• 02:11

  the CFPB has been a political target and in the last couple years as the CFPB have ramped up their efforts to regulate banks,

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