Are Bankers Buying Opposition to the CFPA?

by Jeff Sovern

Today's Times reports that banks and bankers that formerly donated to Democrats are instead contributing to Republicans.  The article lists the Consumer Financial Protection Agency as one of the Democratic proposals that has bankers riled up.  Indeed, the article notes that CFPA opponent Richard Shelby has received one bank PAC's largest contribution, $10,000, along with four other Republican opponents of the adminstration's regulatory agenda.  Opposing the CFPA won't help the country but it seemingly helps generate campaign contributions from banks.

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