The resignation last week of the chief executive of Wells Fargo should have been a high point for the Consumer Financial Protection Bureau (CFPB). As the wealth gap has widened, the prepaid industry has soared, from being worth $1bn in 2003 to $65bn by 2012. A US appeals court, however, rained on the agency’s parade, while members of Congress and others raised questions about whether the CFPB has embarked on some kind of power trip. Cordray will now serve at the president’s pleasure, rather than for a fixed five-year term – unless the agency appeals and the decision is overturned. In other words, it’s not politicized: the CFPB doesn’t have to grovel to Congress annually to keep its budget.

Source: The Guardian October 16, 2016 12:00 UTC