ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION
ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION

NEWS: November 16, 2016

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Americans could lose this important consumer watchdog under Donald Trump

Republican lawmakers and big names on Wall Street have been trying to weaken or abolish in the Consumer Financial Protection Bureau since it was created more than five years ago.

Now they might actually have some leverage.

President-elect Donald Trump says he would "dismantle" Dodd-Frank, the legislation that gave birth to the federal consumer watchdog. And his election, combined with with the Republican sweep in Congress, gives leverage to the lawmakers and financial groups looking to rein in the independent agency's powers.

The unfriendly environment in Washington is coming just weeks after the CFPB was dealt another major blow. Last month, a federal appeals court ruled that the agency must be restructured so that the director could be removed at will, marking a major win for Republicans and industry groups looking to limit the independence of the agency.

The agency is widely expected to appeal the ruling, but it's not clear if that move would be enough to keep Trump from replacing CFPB director Richard Cordray once Trump takes office. This week, amid growing worries about the future of the CFPB, Cordray sent an email to his staff urging them to focus on the work ahead.

The renewed calls to scale back the financial regulations put in place by the CFPB comes a few months after one of the agency's most significant victories. In September, the agency announced a $100 million fine against Wells Fargo, the largest penalty it has ever issued. The enforcement action, pegged to the news that employees created more than 2 million unauthorized accounts to meet sales quotas, marred the bank's reputation and led to the eventual resignation of the company's chief executive John Stumpf. Read the entire story at CHICAGO TRIBUNE
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SEC chair to step down, clearing path for Trump to eliminate tough Wall Street regulations

NEW YORK - Mary Jo White, the head of the Securities and Exchange Commission, announced Monday that she will step down two years before the end of her term, clearing the way for President-elect Donald Trump to reshape the way Wall Street is regulated.

The SEC, which polices Wall Street and the financial markets, has been a key part of the Obama administration's effort to rein in big banks following the 2008 financial crisis and prevent future taxpayer bailouts of the industry. The agency has pushed for more oversight of hedge funds and other asset managers and has established rules that make it more difficult for big banks to make risky bets on the markets.

White, a former federal prosecutor, is known for a no-nonsense style and beefed up the agency's enforcement efforts over the last three years, pushing for more companies to admit guilt and taking more cases to trial. But progressive Democrats were often critical of her efforts, complaining they did not go far enough. White was widely expected to step down no matter who won the election to allow the next president to appoint their own chair.

Trump has already indicated he would usher in a period of deregulation, including dismantling 2010's financial reform legislation, known as the Dodd-Frank Act. He appointed Paul Atkins, an industry veteran, who has called Dodd-Frank a "calamity," to lead the agency's transition.
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