The Financial Choice Act

Various scenarios have been played out regarding potential outcomes for financial regulators, in particular the Consumer Financial Protection Bureau (CFPB), under the new administration.

The Financial Choice Act, which was introduced in the House of Representatives last year and contained many provisions that would roll back, or repeal, parts of the Dodd-Frank Act, also contained a portion of legislation that would establish a five-person commission to govern the CFPB and subject the CFPB to additional congressional oversight measures.

The speed at which this bill will move through Congress and the outcome of the consideration of this legislation remains uncertain.

MoFo’s D.C. Download Blog will be closely following the effect the new administration has on potential financial deregulation.