U.S. consumer financial agency could be defanged under TrumpWASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau, already in legal limbo after an October court decision, could find its powers scaled back by President-elect Donald Trump and a Republican-led Congress, according to members of both political parties, lobbyists and lawyers.  That may mean the end of many of the agency’s rule-making actions that have enraged critics, including a proposal to stop companies from blocking customers from class action lawsuits and another one to limit payday lending. Creation of the CFPB was authorized in the 2010 Dodd-Frank Wall Street reform law enacted in the aftermath of the 2007-09 financial crisis. The agency began operations in 2011. An agency to protect consumers’ finances was the idea of liberal Democratic Senator Elizabeth Warren of Massachusetts. Its creation is considered one of Democratic President Barack Obama’s top domestic policy achievements. A Trump administration is expected to be hostile to the agency as it is currently formulated. “The election spells very bad news for the CFPB,” said Alan Kaplinsky, head of the Consumer Financial Services Group at law firm Ballard Spahr.  Many Republicans opposed the agency’s creation. They now say they dislike its structure and believe it oversteps its authority in enforcement. “It’s a very fragile thing. It was birthed in controversy and is under constant attack,” said consumer attorney Deepak Gupta, who worked at the CFPB in its early days. “It may not survive the way we know it through this administration.” A single director leads both rule-making and enforcement, and can be dismissed only for cause. Furthermore, the agency is funded by the U.S. Federal Reserve system, which means it is not dependent on the typical congressional appropriations process. The Republican-led House of Representatives Financial Services Committee in September passed legislation without any Democratic votes that would change the name and structure of the agency and would create a five-member commission to govern it. Republicans also have pushed for the agency to receive funds from Congress to make it accountable to elected leaders. Both of those proposals would greatly weaken the power of Richard Cordray, the agency’s original and current director. Obama has blocked these Republican efforts with veto threats. Trump, though he has not directly addressed the CFPB, has said he wants to roll back parts of Dodd-Frank. Trump could, if he wanted to, fire Cordray on the first day of his presidency, especially following an October ruling by a three-judge federal appeals court panel that found the agency’s structure unconstitutional and that the president should be able to dismiss the director at will. That ruling was put on hold while the CFPB decides whether to petition the entire U.S. Court of Appeals for the District of Columbia Circuit for a review or appeal the ruling to the U.S. Supreme Court. The agency has until Nov. 25 to decide. Trump’s administration could withdraw any appeal, letting the decision stand. Cordray, appointed in 2013, is halfway through his five-year term. Few in the banking industry think the entire agency will be eliminated. Democrats who support the agency will have a large presence in the Senate. Warren, who was Obama’s first choice to head the agency, has promised that Democrats will fight efforts to defang it. Even some bankers want to see it stay. Richard Hunt, president of the Consumer Bankers Association, said his group would fight to maintain the CFPB in some form because it consolidates consumer banking rules under one regulator.  Trump takes office on Jan. 20. Cordray could be replaced early in 2017, said Mark Calabria, an economist at the libertarian Cato Institute think tank. Trump’s transition team is already looking into Cordray replacements, he said. The law allows for the president to terminate a director over inefficiency, malfeasance or neglect of duty, which leaves room for Trump to find cause regardless of what the appeals court decides, Calabria added. Cordray has set precedent with enforcement cases that Calabria and other critics have called backdoor rule-making.  “Cordray has left the CFPB vulnerable to what his successor may want done because he didn’t hardwire rule-making,” Calabria said. If Cordray quits or is removed, statute calls for his deputy to step into the job temporarily. Acting Deputy Director David Silberman, also a strong consumer advocate, would likely continue to carry out the current agenda, said Quyen Truong, a partner at Washington law firm Stroock & Stroock & Lavan. Truong was the assistant director and deputy general counsel for the CFPB until earlier this year. The CFPB did not respond to requests for comment on Cordray’s possible departure or the fate of current rule-making actions.  politicsNews
consumer financial agency could deranged trumpwashington reuters the consumer financial protection bureau already legal limbo october court decision could find powers scaled back donald trump congress according members political parties lobbyists lawyers that may mean end many agency actions enraged critics including proposal stop companies blocking customers class action lawsuits another one limit panda lending creation cfb authorized wall street reform law enacted aftermath financial crisis the agency began operations an agency protect consumers finances idea liberal democratic senator elizabeth warren massachusetts its creation considered one democratic president barack obama top domestic policy achievements a trump administration expected hostile agency currently formulated the election spells bad news cfb said alan kaplinsky head consumer financial services group law firm ballad spar many republicans opposed agency creation they say dislike structure believe overseas authority enforcement it fragile thing it birth controversy constant attack said consumer attorney deep gupta worked cfb early days it may survive way know a single director leads enforcement dismissed cause furthermore agency funded federal reserve system means dependent typical congressional appropriations process the house representatives financial services committee september passed legislation without democratic votes would change name structure agency would create commission govern republicans also pushed agency receive funds congress make accountable elected leaders both proposals would greatly weaken power richard portray agency original current director obama blocked republican efforts veto threats trump though directly addressed cfb said wants roll back parts trump could wanted fire portray first day presidency especially following october ruling federal appeals court panel found agency structure unconstitutional president able dismiss director that ruling put hold cfb decides whether petition entire court appeals district columbia circuit review appeal ruling supreme court the agency decide trump administration could withdraw appeal letting decision stand portray appointed halfway term few banking industry think entire agency eliminated democrats support agency large presence senate warren obama first choice head agency promised democrats fight efforts demand even bankers want see stay richard hunt president consumer bankers association said group would fight maintain cfb form consolidated consumer banking rules one regulator trump takes office portray could replaced early said mark malaria economist libertarian cat institute think tank trump transition team already looking portray replacements said the law allows president terminate director inefficiency malfeasance neglect duty leaves room trump find cause regardless appeals court decides malaria added portray set precedent enforcement cases malaria critics called backdoor portray left cfb vulnerable successor may want done hardware malaria said if portray quits removed statute calls deputy step job temporarily acting deputy director david silberman also strong consumer advocate would likely continue carry current agenda said queen trong partner washington law firm stock stock lava trong assistant director deputy general counsel cfb earlier year the cfb respond requests comment portray possible departure fate current actions politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: U.S. consumer financial agency could be defanged under TrumpWASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau, already in legal limbo after an October court decision, could find its powers scaled back by President-elect Donald Trump and a Republican-led Congress, according to members of both political parties, lobbyists and lawyers.  That may mean the end of many of the agency’s rule-making actions that have enraged critics, including a proposal to stop companies from blocking customers from class action lawsuits and another one to limit payday lending. Creation of the CFPB was authorized in the 2010 Dodd-Frank Wall Street reform law enacted in the aftermath of the 2007-09 financial crisis. The agency began operations in 2011. An agency to protect consumers’ finances was the idea of liberal Democratic Senator Elizabeth Warren of Massachusetts. Its creation is considered one of Democratic President Barack Obama’s top domestic policy achievements. A Trump administration is expected to be hostile to the agency as it is currently formulated. “The election spells very bad news for the CFPB,” said Alan Kaplinsky, head of the Consumer Financial Services Group at law firm Ballard Spahr.  Many Republicans opposed the agency’s creation. They now say they dislike its structure and believe it oversteps its authority in enforcement. “It’s a very fragile thing. It was birthed in controversy and is under constant attack,” said consumer attorney Deepak Gupta, who worked at the CFPB in its early days. “It may not survive the way we know it through this administration.” A single director leads both rule-making and enforcement, and can be dismissed only for cause. Furthermore, the agency is funded by the U.S. Federal Reserve system, which means it is not dependent on the typical congressional appropriations process. The Republican-led House of Representatives Financial Services Committee in September passed legislation without any Democratic votes that would change the name and structure of the agency and would create a five-member commission to govern it. Republicans also have pushed for the agency to receive funds from Congress to make it accountable to elected leaders. Both of those proposals would greatly weaken the power of Richard Cordray, the agency’s original and current director. Obama has blocked these Republican efforts with veto threats. Trump, though he has not directly addressed the CFPB, has said he wants to roll back parts of Dodd-Frank. Trump could, if he wanted to, fire Cordray on the first day of his presidency, especially following an October ruling by a three-judge federal appeals court panel that found the agency’s structure unconstitutional and that the president should be able to dismiss the director at will. That ruling was put on hold while the CFPB decides whether to petition the entire U.S. Court of Appeals for the District of Columbia Circuit for a review or appeal the ruling to the U.S. Supreme Court. The agency has until Nov. 25 to decide. Trump’s administration could withdraw any appeal, letting the decision stand. Cordray, appointed in 2013, is halfway through his five-year term. Few in the banking industry think the entire agency will be eliminated. Democrats who support the agency will have a large presence in the Senate. Warren, who was Obama’s first choice to head the agency, has promised that Democrats will fight efforts to defang it. Even some bankers want to see it stay. Richard Hunt, president of the Consumer Bankers Association, said his group would fight to maintain the CFPB in some form because it consolidates consumer banking rules under one regulator.  Trump takes office on Jan. 20. Cordray could be replaced early in 2017, said Mark Calabria, an economist at the libertarian Cato Institute think tank. Trump’s transition team is already looking into Cordray replacements, he said. The law allows for the president to terminate a director over inefficiency, malfeasance or neglect of duty, which leaves room for Trump to find cause regardless of what the appeals court decides, Calabria added. Cordray has set precedent with enforcement cases that Calabria and other critics have called backdoor rule-making.  “Cordray has left the CFPB vulnerable to what his successor may want done because he didn’t hardwire rule-making,” Calabria said. If Cordray quits or is removed, statute calls for his deputy to step into the job temporarily. Acting Deputy Director David Silberman, also a strong consumer advocate, would likely continue to carry out the current agenda, said Quyen Truong, a partner at Washington law firm Stroock & Stroock & Lavan. Truong was the assistant director and deputy general counsel for the CFPB until earlier this year. The CFPB did not respond to requests for comment on Cordray’s possible departure or the fate of current rule-making actions.  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: consumer financial agency could deranged trumpwashington reuters the consumer financial protection bureau already legal limbo october court decision could find powers scaled back donald trump congress according members political parties lobbyists lawyers that may mean end many agency actions enraged critics including proposal stop companies blocking customers class action lawsuits another one limit panda lending creation cfb authorized wall street reform law enacted aftermath financial crisis the agency began operations an agency protect consumers finances idea liberal democratic senator elizabeth warren massachusetts its creation considered one democratic president barack obama top domestic policy achievements a trump administration expected hostile agency currently formulated the election spells bad news cfb said alan kaplinsky head consumer financial services group law firm ballad spar many republicans opposed agency creation they say dislike structure believe overseas authority enforcement it fragile thing it birth controversy constant attack said consumer attorney deep gupta worked cfb early days it may survive way know a single director leads enforcement dismissed cause furthermore agency funded federal reserve system means dependent typical congressional appropriations process the house representatives financial services committee september passed legislation without democratic votes would change name structure agency would create commission govern republicans also pushed agency receive funds congress make accountable elected leaders both proposals would greatly weaken power richard portray agency original current director obama blocked republican efforts veto threats trump though directly addressed cfb said wants roll back parts trump could wanted fire portray first day presidency especially following october ruling federal appeals court panel found agency structure unconstitutional president able dismiss director that ruling put hold cfb decides whether petition entire court appeals district columbia circuit review appeal ruling supreme court the agency decide trump administration could withdraw appeal letting decision stand portray appointed halfway term few banking industry think entire agency eliminated democrats support agency large presence senate warren obama first choice head agency promised democrats fight efforts demand even bankers want see stay richard hunt president consumer bankers association said group would fight maintain cfb form consolidated consumer banking rules one regulator trump takes office portray could replaced early said mark malaria economist libertarian cat institute think tank trump transition team already looking portray replacements said the law allows president terminate director inefficiency malfeasance neglect duty leaves room trump find cause regardless appeals court decides malaria added portray set precedent enforcement cases malaria critics called backdoor portray left cfb vulnerable successor may want done hardware malaria said if portray quits removed statute calls deputy step job temporarily acting deputy director david silberman also strong consumer advocate would likely continue carry current agenda said queen trong partner washington law firm stock stock lava trong assistant director deputy general counsel cfb earlier year the cfb respond requests comment portray possible departure fate current actions politicsnews