Could this be the beginning of the end of the Consumer Financial Protection Bureau as we know it? This month The Trump administration, through acting CFPB Director Mick Mulvaney, announced sizeable restrictions to CFPB’s enforcement and day-to-day oversight of the financial industry’s fair lending practices. The move comes shortly after Mulvaney was installed as Acting … Continue reading Fair Lending Enforcement Roll-Backs at CFPB Could be Sign of Changing Times
This week, Richard Cordray handed in his resignation as head of the Consumer Financial Protection Bureau (CFPB). The early resignation comes at a time of increased criticism over current financial regulations and an uncertain outlook for many regulatory bodies. The CFPB especially, has been subject of intense criticism from the financial industry as overbearing and … Continue reading With Cordray’s Resignation, What’s Next for the CFPB?
In his remarks to Congress, out-going New York Federal Reserve President William Dudley implored lawmakers to preserve and maintain key financial regulation measures in face of growing support for review of standing requirements. Dudley recently announced his decision to retire from his position earlier (mid-2018) than his term allots. According to a Reuters article, part … Continue reading Fed Implores Congress to Preserve Key Financial Regulations
Out of Sight, Out of Mind? Is 2008 far enough in our rear-view that we’ve already forgotten the same mistakes that brought the financial industry-and U.S. economy-to the brink of collapse? Evidently, it is for banks and policymakers. You have probably been hearing a lot of talk about impending “reviews” of current financial regulation measures; … Continue reading Fed Experts Warn of Slippery Slope of Financial Deregulation
Amid the fallout of 2008, when the nation’s banking giants toppled and our economy was sent reeling, Federal legislators and regulators decided that changes were needed. Most of these changes took shape as the Dodd-Frank Act, which provide the framework for much of our current banking regulation and oversight. You’re probably familiar with Dodd-Frank, at … Continue reading Why Big Banks Have a Financial Doomsday Plan
U.S. stock markets continue to rally this week amid optimism around President Trump’s economic plans. Reaching a historic high on Monday, S&P 500 topped $20 trillion. This latest rally is a part of the ongoing boost stock market indices have been enjoying as economists wait for the Trump Administration to roll out its economic plan. … Continue reading Stock Market Growth Continues Under ‘Trump Trade’
Uncertain Future for Dodd-Frank Last week, President Trump ordered a review of major banking regulations put in place following the 2008 financial crisis, largely comprising Dodd-Frank regulations. President Trump has made clear that rollbacks are a main objective for these reviews. Though the executive order only calls for a review, the Trump administration aims to … Continue reading Dodd-Frank Cuts Likely Under Banking Regulation Reviews