Dodd-Frank

Kathy Kraninger's first official action as head of the Consumer Financial Protection Bureau is to reverse course on acting chief Mick Mulvaney's effort to rename it the Bureau of Consumer Financial Protection, which consumer groups and others had sharply criticized as confusing and costly.

The alternative is waiting for state and federal regulators to take steps that could disrupt the flow of capital and put some firms out of business.

A motion to limit debate on the nominee to run the consumer bureau passed along strictly party lines, setting the stage for her to be confirmed as early as next week.

The already long list of potential challengers to President Trump in 2020 includes policymakers with a deep record on banking issues and those whose financial services views are a relative mystery.

The report by the Consumer Federation of America said the regulatory agency has "ample legal authority" to enforce the Military Lending Act despite the bureau's plans not to examine firms for compliance.