Showing 2 posts in Proposed Legislation.
Congress Takes a Significant Step Towards Replacing Dodd-Frank and Gutting the CFPB
On Thursday, as we anticipated in a previous blog post, the House of Representatives voted along party lines to pass the Financial CHOICE ACT ("FCA"), which would repeal Dodd-Frank and strip the CFPB of its authority.
The debate leading up to the vote also appeared to divide sharply along partisan lines, with Republicans urging their colleagues to vote for the Bill, and Democrats insisting that it was the "Wrong Choice" for Americans. Despite their differing opinions, representatives from all parties appeared to articulate the same goal: putting Main Street America ahead of Wall Street.
Supporters of the FCA contend that the purported benefits of Dodd-Frank have never materialized. They argue that due to Dodd-Frank’s excessive and expensive regulatory burdens, small banks and businesses have failed, while big banks have continued to thrive. Imposing the same regulations on every financial institution, they say, has strangled small community banks, and forced many to shut down. This problem triggered another major concern of the bill's supporters, namely an alleged lack of choice of financial products and the increased cost of these same products. More ›
Congress Seeks Dodd-Frank Overhaul and Elephant Dart for Consumer Financial Protection Bureau
On May 4, 2017, the House Financial Services Committee passed HR 10, the Financial CHOICE ACT ("FCA") by a 34-26 vote, with all proposed Democratic redlines rejected. The FCA is expected to go to a full House vote as early as this week.
The FCA purports to keep the protections Dodd-Frank aimed to enact, while at the same time freeing regulations on the American economy. It promises to "create hope and opportunity for investors, consumers, and entrepreneurs," by, among other things, ending bailouts and "holding Washington and Wall Street accountable."
FCA, as drafted, would repeal the Dodd-Frank Act in its entirety, remove CFPB supervisory authority over financial institutions, and allow the President to appoint, and remove at will, a CFPB director. Moreover, FCA would remove any authority the CFPB has to investigate actions it deems abusive, but would keep the agency in place, changing its name from the Consumer Financial Protection Bureau to the Consumer Law Enforcement Agency (CLEA). More ›
Subscribe to this blog's feed
Follow us on TwitterTopics
- Statute of Limitations
- Medical Marijuana
- marijuana
- Federal Housing Authority
- Cole Memorandum
- 2nd Circuit
- Forbearance Agreement
- California Court of Appeal
- Rhode Island
- ACA
- Automated Telephone Dialer Service
- hearsay
- Maine
- cryptocurrency
- RICO
- Education
- Department of Education
- Securities & Exchange Commission
- blockchain
- Consumer Financial Protection Act
- CFPB
- Richard Cordray
- statutory interpretation
- appointment power
- Richard Cordray
- Illinois Student Loan Bill of Rights
- Reverse Mortgage
- FHA
- Arbitration
- Appellate Decisions
- HUD
- 1st Circuit Court of Appeals
- Massachusetts
- Bankruptcy Code
- Employee Benefits
- Employer Participation Student Loan Assistance Act
- Seventh Circuit
- Congressional Review Act
- Arbitration Rule
- Privacy
- Mandatory Arbitration
- Federal Arbitration Act of 1925
- Trump
- Massachusetts Land Court
- UCC
- Uniform Commercial Code
- FACTA
- Fair and Accurate Credit Transactions Act
- Second Circuit
- Third Circuit
- OFAC
- Office of Foreign Assets Control
- FCRA
- Fair Credit Reporting Act
- Credit Report
- Obama Administration
- United States Treasury
- Colorado
- Debt Buyers
- Litigation
- Legislation
- Dodd-Frank
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Proposed Legislation
- Financial CHOICE Act
- New York
- FCC
- Class Action
- Class Action Fairness Act of 2005
- Fairness in Class Action Litigation Act of 2017
- D.C. Circuit
- Trump Administration
- RESPA
- New Jersey
- IRS
- Federal
- Massachusetts Supreme Judicial Court
- Foreclosure
- Mortgage
- FTC
- UDAAP
- Fair Employment and Housing Act
- City of Miami
- Fourth Circuit
- United States Supreme Court
- Debt Purchase
- Texting
- car dealership
- Craigslist
- Compliance Corner
- compliance audit
- corporate governance
- corporate compliance
- financial regulatory
- Illinois
- TCPA
- Fair Debt Collection Practices Act
- Telephone Consumer Protection Act
- Bankruptcy
- loan modification
- California
- Ninth Circuit
- FDCPA
- Debt Collection
- Eleventh Circuit
- CFPB
- Real Estate Settlement Act
- Mortgage loans
- Student Loans
- Loan Servicing
- Equal Opportunity Act
- Loan Defaults