Republicans repeatedly claim that the Dodd-Frank Act has hurt consumers by raising costs and hampering credit availability. But the data doesn't back that up.
In President Trump’s first joint address to Congress, he listed several top priorities, including repealing Obamacare and enacting tax reform, but made no mention of reforming the Dodd-Frank Act.
In an exclusive American Banker poll, bankers see President Trump as a positive force for the financial services industry and are optimistic his administration can deliver on CFPB reform and simpler capital rules.
Congressional Republicans are weighing potentially broad changes to the stress test program, including alterations to the way the tests are performed and the consequences of failing them.
Rep. Blaine Luetkemeyer, the chairman of the House financial institutions subcommittee, said Wednesday that he plans to reintroduce a bill that would change the way banks are designated as systemically important.
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The Consumer Bankers Association says the “whipsaw effect” of having a single director who can quickly tack the CFPB in one direction or another can make it challenging to plan out budget expenditures and determine which products and services they should invest in and offer.
At the very least, President Trump's executive order on Dodd-Frank is liable to make it tougher to reach compromise on regulatory reform. In the long run, it's helping to push Democrats further to the left.
