CFPB to Cut Financial Firm Supervision, Curb Fintech Focus (2)

America’s top consumer financial watchdog has spelled out its priorities under the Donald Trump era, including a dramatic cut to supervision and a shift away from financial technology firm oversight.

The Consumer Financial Protection Bureau said it will curb the number of supervision “events” by 50% and leave other enforcement actions to states, according to an email to staff seen by Bloomberg News. The move will “avoid the ever-increasing number of supervisory exams, which are multiplying the cost of running businesses and raising consumer prices,” it said.

The agency will also shift its attention back to banks rather than non-deposit ...