The Consumer Financial Protection Bureau has been at the center of the national regulatory discussion: Born of Dodd-Frank and initially led by consumer advocate and now-Democratic Senator Elizabeth Warren of Massachusetts, the bureau has long been a thorn in the side of probusiness Republicans and many in the financial industry. In the weeks since the GOP took complete control of both elected branches of the federal government, party leaders have made many proposals to weaken the CFPB, either by killing it entirely or changing its powers.

Just this week, early reports about Trump's proposed fiscal year 2018 budget suggest that the president supports the GOP's proposal to switch the CFPB's source of funding from the Federal Reserve to a Congressional appropriation. Such a move, Bloomberg Politics notes, would naturally grant Congress greater control over the agency, which was designed to operate independently from the desires of legislators. Trump notably did not mention the CFPB or Dodd-Frank in his fist address to a joint session of Congress on Tuesday.

Amid all the bluster and the competing press releases, it's important to remember that institutional change typically comes slowly in Washington no matter who's at the helm—and thus the chances of the CFPB disappearing entirely are slim to nonexistent. Christopher Willis, who leads the Consumer Financial Services Litigation Group at the law firm of Ballard Spahr, LLP, was more direct: Despite their opposition to regulations, the Republicans don't want to be seen as the party that dismantles an agency designed to protect consumers.

"The experience of the subprime mortgage crisis is still fresh in everybody's mind, and the Great Recession is still fresh in everybody's mind, and I don't think that the Republicans can safely do away with the agency given the perceived value it has to the electorate," Willis said.

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