The U.S. Chamber of Commerce said Monday that an attempt to oust Mick Mulvaney as acting director of the Consumer Financial Protection Bureau would raise "grave questions" about the constitutionality of the consumer agency.
Washington Federal in Chicago, which had a clean balance sheet and plenty of capital on Sept. 30, was shuttered shortly after the death of its CEO and regulators' discovery of "substantial dissipation of assets."
House bill would deregulate both domestic and foreign banks that control trillions of dollars of combined assets, reducing financial stability and tying the hands of regulators to reapply heightened standards in the future.
A Russian cybersecurity software company reported last week that a new group of cybercriminals had stolen $10 million from 16 community banks. But there's no hard evidence that actually happened.
While a robust dialogue about all forms of financial products is critical and regulation to protect consumers is necessary, removing a source of credit for hard-working Americans and eliminating choice should not be the focus of any federal agency.
