South Dakota Senator Mike Rounds has introduced legislation that would dismantle the Consumer Financial Protection Bureau, which was set up by the Dodd-Frank banking regulation act.

Rounds says the CFPB illustrated it’s inefficiency in the Wells Fargo fake account issue…..

Wells Fargo was found to have created thousands of fake accounts in a sales promotion.

Rounds says Congressional committees looked at how the CFPB reacted to the Wells Fargo situation…..

Rounds says the functions of the CFPB can be handled by other, existing federal agencies…..

Rounds says halting the CFPB is a first step in reforming the regulations imposed on banks by the Dodd-Frank Act of 2010.