Democrats in the House and Senate introduced a bill Tuesday that would get rid of an obscure legislative process that has handcuffed rulemakings from the Consumer Financial Protection Bureau and other regulators.
With slim odds of getting eight Democrats to support major Dodd-Frank Act reforms, Republicans are turning to other measures to make changes to the 2010 reform law.
Community bankers want a two-year span between exams for small banks in good standing. Regulators, however, are reluctant to revert to pre-crisis policies.
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.
