The Consumer Financial Protection Bureau said this week it still intends to repeal most of the Obama-era strict rule governing payday loans, although the date appears to have slipped.
Ten years after President Obama signed the (Dodd-Frank) Wall Street Reform and Consumer Protection Act, the law has “held up pretty well,” former Rep. Barney Frank (D-Mass.) said Tuesday. Speaking at a virtual conference co-sponsored by the Brookings Institution and the University of Michigan, Frank said that Republican members of Congress have attempted to repeal the Obama Administration’s health overhaul bill “every other week,” but have not mounted a serious attempt to repeal Dodd-Frank. “It was too popular,” Frank said. Obama signed Dodd-Frank on July 21, 2010. The law is informally named after Frank, who chaired the House Financial Services
Monday’s U.S. Supreme Court ruling upending the leadership structure of the Consumer Financial Protection Bureau did little to quell the arguments over the controversial agency and its work.
For credit union trade group and critics of the agency, the ruling did not go far enough since it did not rule the single-director structure unconstitutional. They said they hope the decision will increase the chance that Congress will enact legislation converting the agency into a commission.
The U.S Supreme Court on Monday declared the single-director structure of the Consumer Financial Protection Bureau unconstitutional.
The agency’s configuration is “incompatible with the structure of the Constitution, which—with the sole exception of the Presidency—scrupulously avoids concentrating power in the hands of any single individual,” the court said.
Under a new pilot program announced last week, credit unions and other financial institutions are now able to request an advisory opinion from the Consumer Financial Protection Bureau if they are uncertain about the application of bureau rules.
The agency will make certain requests and answers public in an effort to make its interpretation of rules clearer for the public.
Consumer groups filed suit against the Consumer Federal Protection Bureau Tuesday, asking a federal judge to enjoin the agency from operating its controversial Task Force on Consumer Financial Law.
Kyle Hauptman, President Trump’s choice to join the National Credit Union Administration board, hates Dodd-Frank.
He has made that clear repeatedly.
That could cause some friction between Hauptman and Democratic board member Todd Harper and his policy advisor, Catherine Galicia, both of whom worked on Dodd-Frank when Congress passed it.
The chairman of the controversial Consumer Financial Protection Bureau’s Task Force on Consumer Financial Law this week defended the panel from charges that its membership is loaded with advocates of deregulation and pledged to hold an open hearing this summer.
Twenty-seven consumer groups have blasted the Consumer Financial Protection Bureau’s Task Force on Consumer Financial Protection Law, saying that its membership is biased and that its work is ill-suited during the coronavirus crisis.
Credit union trade groups have told the Task Force on Federal Consumer Financial Law, a new CFPB task force, that The Consumer Financial Protection Bureau is over-regulating credit unions, throwing them into the same class as the bad actors that caused the last financial crisis.