Back in January, no one really knew what to expect from 2017. Now, it’s nearly September, and most of us feel just as lost—if not more lost—than we felt 9 months ago.
In spite of his rhetoric and many of his supporters’ hopes, President Trump has yet to dismantle federal regulations to the extent that he promised during his campaign. And although Republicans in Congress have made clear their intentions to reduce the authority of the Consumer Financial Protection Bureau, other issues—such as health care and tax reform—have taken precedence.
Meanwhile, other, even more pressing matters occupy the attention of the executive branch. How much does consumer finance deregulation matter next to natural disasters, escalating nuclear threats, or the ongoing Russia investigation?
“It remains to be seen whether deregulation is a just a glimmer in Trump’s eye or if he is actually even able to effect it,” Joseph Cioffi, an attorney at Davis & Gilbert, recently told Auto Finance News. He continued:
“There is even more uncertainty [now] than we had because at least back in December and January there was this idea that the future was uncertain with deregulation, but we know we’re headed in a certain direction. Now, I can’t even say we’re headed in a particular direction when the leadership is unable to effect its policies.”
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If their compliance obligations aren’t going away anytime soon, where should finance companies focus their energy? The same Auto Finance News article linked above offers some suggestions. The aptly titled “6 Compliance Topics Lenders Need to Watch” explores why lenders should pay attention to…
- the CFPB’s arbitration rule (going into effect next month),
- New York state’s new cyber security regulations,
- increasing scrutiny from state attorneys general,
- Securities and Exchange Commission Regulation AB II,
- the Dodd–Frank Act’s new risk retention requirements, and
- what might be next for the CFPB’s structure.