The decision by CFPB to cancel the rule comes days after the Financial Technology Association, an industry lobby group representing non-bank fintech companies, wrote to Vought in his capacity as the White House’s budget director. The lobby group asked the administration to withdraw the CFPB’s rule, claiming it would be “harmful to financial institutions’ efforts to detect and prevent fraud.”

Sure. The only way to detect and prevent fraud is to make it easy for the fraud to happen in the first place.