In afterglow of Wells case, U.S. consumer agency faces fight for its life

September 16, 2016 12:14 AM

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In afterglow of Wells case, U.S. consumer agency faces fight for its life

WASHINGTON The U.S. watchdog for consumer finance scored a major victory last week when it was part of the government group that forced Wells Fargo & Co (WFC.N) into a $190 million settlement of fraud charges, but the Consumer Financial Protection Bureau still faces an ugly fight to justify its own existence.

The agency, which has taken on businesses ranging from small car dealers and major financial institutions, is at the center of a philosophical debate about the value and limits of regulation. Both presidential candidates have offered opinions on the five-year-old agency, and Republicans and Democrat...

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