Stay Updated on the CFPB With AFSA’s Trump Administration Transition Tracker
The consumer finance industry could be on the cusp of change. Donald Trump has promised to roll back the Dodd–Frank Wall Street Reform and Consumer Protection Act, and all signs thus far point to the President-elect keeping his word. By this time next year, the Consumer Financial Protection Bureau could look different, and wield less regulatory authority over lenders and financial institutions.
But where would a regulatory climate with a revamped CFPB leave lenders? Facing uncertainty about the short- and long-term futures of their businesses, members of the industry would be wise to keep a close eye on the actions the new administration takes.
Fortunately, our friends at the American Financial Services Association have your back. Last month, AFSA introduced its ongoing Transition Tracker newsletter. True to its name, the Transition Tracker monitors news pertaining to the incoming administration’s appointments and politics and delivers updates as they happen to AFSA members’ inboxes.
Not a member? If your organization offers consumer credit or is otherwise impacted by Fair Lending laws and other finance regulations, I strongly encourage you to join. Even if your company is not a lender, but partners with one, there’s a lot to learn from the Transition Tracker.
We’ve excerpted a few recent emails below—take a look:
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AFSA Transition Tracker – December 8, 2016
What Happened
In May 2016, the CFPB proposed a rule limiting the use of pre-dispute arbitration agreements. Comments were due in August of this year. The CFPB’s fall 2016 rulemaking agenda lists the final rule as being released in February of 2017.
What It Means for AFSA Members
The question on everyone’s mind is—will the CFPB finalize the rule before the January inauguration? Although the CFPB’s rulemaking agenda lists the final rule as being released in February, there are rumors flying around town that the CFPB is rushing to finish the rule before January 20. Although that is certainly possible—as the CFPB could finalize the rule with limited changes—AFSA believes that this is somewhat unlikely…
AFSA Transition Tracker – December 7, 2016
What Happened
Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, is finalizing changes to The Financial CHOICE Act (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). The bill was introduced in the House on September 9, 2016, but must be reintroduced in the new Congress.
What It Means for AFSA Members
The CHOICE Act is the legislation Hensarling is proposing to enact many Dodd-Frank reforms. Specifically, the act seeks to create checks-and-balances for the CFPB’s operations. Although the act may change a little from the version passed in the last Congress, we expect it will…
AFSA Transition Tracker – November 30, 2016
What Happened
President-elect Donald Trump has nominated Steve Mnuchin, the chief executive of Dune Capital Management and Goldman Sachs alumnus, for Treasury Secretary.
What It Means for AFSA Members
Mnuchin supports changes to Dodd-Frank to increase lending. In an interview on CNBC’s Squawk Box this morning, Mnuchin said, “The number one problem with Dodd–Frank is it’s way too complicated and it cuts back lending. So we want to strip back parts of Dodd-Frank that prevents banks from lending. And that will be our number one priority.” Mnuchin specified…
At Compli, we have been finding these regular updates from AFSA supremely useful, so we thought we should share this resource with our readers as well. You can access the Transition Tracker and AFSA’s many other membership perks when you join here.
And for more consumer finance news, updates and guidance, make sure to follow our blog.
