Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Thursday, April 18, 2013

McConnell’s Goal: Make ‘Reasonable’ Reforms to CFPB

Calling the Dodd-Frank Act “a huge mistake,” Senate Minority Leader Mitch McConnell (R-Ky.) told attendees at ABA’s Government Relations Summit how Congress can mitigate the law’s harm to the banking industry -- especially through the Consumer Finance Protection Bureau.

“We need to change the structure of [the CFPB] to make it responsible to someone,” he explained. “We’ve said we need a supervisory board to which the director reports. We think the agency should come to Congress for its funding. And we think it needs to operate within the context of safety and soundness.”

“If we’re stuck with it,” McConnell added, “let’s try to make it better.”

No comments:

Post a Comment

Please read our comment policy before making a comment.