Trump Budget Takeaways: CFPB Reform and Student Loans

  • Written by Neil Haggerty & Kate Berry for American Banker

The Trump administration is seeking to add three regulatory bodies created in the aftermath of the crisis to the congressional appropriations process.

As part of the president's proposed 2020 budget released, the Consumer Financial Protection Bureau, Financial Stability Oversight Council and Office of Financial Research — which now set their funding levels independently — would have to go to Congress every year with a budget request.

The budget, which is more of a policy document than an accurate picture of funding levels, would also charge a fee to lenders issuing Federal Housing Administration-backed loans to help offset the cost of technology upgrades at the FHA, and force colleges and universities to share the government's risk in backing student loans.

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