WASHINGTON — In an ironic twist, the industry is coming to the defense of the Consumer Financial Protection Bureau.
No, you did not read that wrong. While still skeptical about the bureau's existence, banks are squarely in its corner in terms of regulating the competition. In comment letters on the bureau's options for supervising nonbanks, banking trade groups uncharacteristically push the bureau to be aggressive with its nonbank supervision program and praise CFPB for starting the program early. Others are left to play the role of agitator, arguing the CFPB is overreaching.