By Erika Eichelberger
Ever since Sen. Elizabeth Warren (D-Mass.) helped get the Consumer Financial Protection Bureau off the ground in 2010, Republicans have been trying to shut it down. GOPers drafted legislation to weaken the fledgling agency, which was designed to prevent mortgage lenders, credit card companies, and other financial institutions from screwing average Americans. The measures died. Republicans turned to the courts to gut the bureau. That effort failed. Now that Republicans control both houses of Congress, they have another weapon at their disposal: new subpoena powers they can deploy to blitz the CFPB with document requests.
Republicans are unhappy with the CFPB’s plan to crack down on shady payday lenders
The goal is obvious: dig out material the GOPers can use to embarrass the agency. And if nothing untoward is discovered, Republican legislators can at least pin down the bureau with onerous paperwork demands. Democrats fear Republicans’ new information-gathering abilities will make it easier for the agency’s foes to launch witch-hunt style investigations of the CFPB similar to those former House oversight committee chair Rep. Darrell Issa (R-Calif.) launched regarding Benghazi and the IRS.
