While short on details, Trump has promised less financial regulation in order to promote economic growth. Indeed, the President-elect’s transition website states that the incoming administration will have a plan to “dismantle the Dodd-Frank Act.” In addition to Mnuchin, Vice President-elect Mike Pence, and certain House Republicans who have been critics of the CFPB, will have the President’s ear and will have much influence in reform efforts.
Given all of this, and Director Cordray’s controversial past as a champion of financial regulation, the Trump administration can be expected to waste little time showing Director Cordray the door.
, the CFPB can be expected to have a much more restrained approach to financial regulation and enforcement given the absence of a duly appointed and confirmed director. And, of course, any replacement to the CFPB director post named by the Trump administration certainly can be expected to have a much more restrained approach to financial regulation than Director Cordray.
While many critics would like to see legislation abolish the agency, the conventional wisdom is that Congressional Republicans will focus on reforming the CFPB rather than eliminating it.
Which is a typical Republican response. Politics as usual.
Read more: http://www.lexology.com/library/detail.aspx?g=72cc1c1d-1463-4b57-aa1c-6151203ef786
