Credit Union Times reported that the U.S. House of Representatives is looking to move regulatory reform forward, but in smaller, more measured steps. Blaine Luetkemeyer, Chairman of the House Financial Institutions Subcommittee said Tuesday at the NAFCU Congressional Caucus that he would have preferred a more sweeping approach which would include the repeal of Dodd-Frank, but in the current political client, that will not yield results:
He said that the House may have to pass smaller changes to make them more politically palatable to the Senate. The goal, he said, is to provide the Senate Banking Committee “a buffet of bills to choose from”.
The House has passed a large regulatory overhaul bill, House Financial Service Chairman Jeb Hensarling’s (R-Texas) Financial CHOICE Act. Hensarling said he is waiting impatiently for the Senate to act.
Senators have made it clear that they will not consider Hensarling’s bill. Senate Banking Chairman Mike Crapo and his ranking Democrat, Sherrod Brown have said they are working on a bipartisan measure to make changes to Dodd-Frank.
Legislators are also considering legislation to change the function and operation of the CFPB. Much of that hinges on the actions of its current chief, Richard Cordray. Cordray was expected to leave his current post and begin campaigning to become Ohio’s next governor. Given the late date and a full slate of primary candidates, it appears that Cordray may stick it out until his term at CFPB ends next year:
As part of regulatory changes, senators are continuing to struggle with how to enact legislation that would make changes to the CFPB, said Sen. Shelley Moore Capito. She said that some senators continue to push for creation of a commission to oversee the CFPB. She added, however, that others simply want to wait for current Director Richard Cordray to leave office. Then, they believe that President Trump likely would nominate a more business-friendly director.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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