Imminent Uncertainty for the CFPB Under a Trump Presidency

Now that Donald Trump has been elected president, the focus is on his campaign promises to scale back the Dodd-Frank Act and pursue deregulation of financial services. While there is uncertainty regarding the specific actions that the new administration will pursue, there is a template for reform. This template is The Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act (Financial CHOICE Act), H.R. 5983, a substitute version of which was approved by the House Financial Services Committee on September 13, 2016. This bill, if enacted by Congress, would impose sweeping reform on the regulation of financial services in the United States. Of particular interest are the provisions covering retail financial services and the powerful, controversial regulator of these markets, the Consumer Financial Protection Bureau (CFPB).

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