The CFPB was great as a last resort for big banks who do what they want with your points/ cards. A CFPB was often what it took to get them to reimburse you for arbitrarily forfeiture of points and the like. Without any checks on their decision making banks would be like Amazon. We’ll just hold all your inventory and 500k of your money forever and you can pound sand. I’d be sorry to see the entire agency go.
The choice isn't between the CFPB as currently constituted vs. allowing banks to do whatever they want.
Banking was already a regulated industry before the CFPB, and will remain so even if it is completely shut down.
The good things which CFPB can be maintained, either through a slimmed down version of the agency (which is probably what will happen in the short term) or by moving some of those responsibilities to existing regulatory bodies (which might be the long-term plan).
