Many community bankers did not support the creation of the CFPB, currently overseen by Warren. Warren stated one of the CFPB’s first initiatives will work to cut down the regulatory challenges for smaller financial institutions in order to “even the playing field.” She also responded to recent censure that the CFPB is too powerful, telling CNBC that it is in fact the “most constrained of all federal agencies.”
“This agency, unlike other banking regulators, doesn’t set its own budget: That is set by the Fed (Federal Reserve),” said Warren. “This is an agency that, whatever it decides, can be overturned by a group of agencies.”
