Dodd-Frank

Dereg Now, Dereg Whenever (Apr. 25)

Update 266 – Dereg Now, Dereg Whenever: Capital Rules Debate Pits Quarles vs. Quarrels If rapidly increasing economic growth, historic highs in financial industry profits, and capital markets in record territory of late all call for deregulation, there’s no bad time for it.  And if proponents of financial deregulation control the House, Senate, and White …

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The Dog Catches the Bus (Apr. 13)

Update 263 – The Dog Catches the Bus: Mick Mulvaney’s Mysterious Mission at CFPB This week saw Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney appear before both the House Financial Services and Senate Banking Committees. After years of working aggressively in Congress to shred the Bureau to pieces, Mulvaney is charged with the operating …

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Omnibus Situation (Mar. 22)

Update 258 — Omnibus Situation: Last Stop Before Two-Week Recess As of this writing on Thursday afternoon, one more piece of Congressional business remains before members and staff can start a long and long-awaited recess.  Once again, Congress confronts a deadline of midnight tomorrow to keep the federal government funded. But no one wants to …

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S. 2155 Passes Senate, 67-31
 (Mar. 16)

Update 256 – S. 2155 Passes Senate, 67-31
 Now, on to the House and Conference. Or Not. On Wednesday night, the Senate passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, 67-31.  The bill is the most comprehensive rollback of the Dodd-Frank Act to clear a chamber of Congress. A summary of the bill’s …

S. 2155 Passes Senate, 67-31
 (Mar. 16) Read More »

Changes in Plans and in Perceptions (Mar. 11)

Update 255 — Changes in Plans and in Perceptions Hurry Up, Wait for Increasingly Unpopular S. 2155? S. 2155 – the Economic Growth, Regulatory Relief, and Consumer Protection Act — the largest revamp, rollback, and update of the Dodd-Frank Act (AFR) to date — returns to the Senate floor after session resumes late tomorrow afternoon. The legislative ride for the …

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S.2155 and Systemic Risk (Mar. 5)

Update 253 —  S. 2155 and Systemic Risk Or: The Big Banks’ Benefits under the Bill With S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, set to hit the floor tomorrow, attention is now turning to the least discussed and most abstract — and systemically most consequential — part of the bill. …

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Trump’s Financial Regulators: One Year in and Changing the Game Already (Feb. 28)

Update 252 — Trump’s Financial Regulators: One Year in and Changing the Game Already From consumer protection to regulation of firms, the financial regulatory landscape has changed markedly in some areas and is stillborn in others. Trump regulators have made a variety of decisions that has escaped broader notice. We take a tour of the …

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Treasury Report on OLA (Feb. 23)

Update 251 — Treasury Report on OLA Leaves Key Pillar of DFA Tailored but Intact On Wednesday, the Treasury Department released a much-anticipated report with recommendations on Dodd-Frank Act’s Orderly Liquidation Authority (OLA), which provides for the resolution (closure) of non-bank firms in a crisis. In a surprise to most observers who expected the Trump Treasury …

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CFPB Constitutional, per Court (Feb. 2)

Update 247: CFPB Constitutional, per Court; Dissent More Hysterical than Historical  This Wednesday, the U.S. Circuit Court of Appeals for the District of Columbia voted 7-3 to uphold the constitutionality of the Consumer Financial Protection Agency (CFPB)’s governance structure. The Dodd-Frank Act gave CFPB have a single, independent Director not subject to removal except for …

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