AP FACT CHECK: Bank sector not in ruins, despite Trump beef - Cincinnati News, FOX19-WXIX TV

AP FACT CHECK: Bank sector not in ruins, despite Trump beef

By JULIE CARR SMYTH
Associated Press

COLUMBUS, Ohio (AP) - President Donald Trump's accusation that a federal watchdog has devastated the financial industry is unsupported by the evidence that banks like best: profits.

Trump's weekend tweet was aimed against the Consumer Financial Protection Bureau, little known by most people until it became the center of a struggle over who's in charge - a Trump-named acting director or a deputy who was given the same title by a departing chief from the Obama era.

Trump's tweet said: "The Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations pick. Financial Institutions have been devastated and unable to properly serve the public. ..."

But all the evidence suggests that is not the case.

EDITOR'S NOTE _ A look at the veracity of claims by political figures

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