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Banks Look to Break Government’s Hold on Student-Loan Market

Private lenders are pushing to break up the government’s near monopoly in the $100 billion-a-year student-loan market.

The banking industry’s main lobbying group, the Consumer Bankers Association, is pressing for the government to instate caps on how much individual graduate students and parents of undergraduates can borrow from the government to cover tuition.

Banks, retailers point fingers as lawmakers revisit data security bill

WASHINGTON — Financial institutions and retail companies are trading barbs over which industry poses greater risk to sensitive customer information just as lawmakers are planning to take another stab at a data security bill.

Bank and credit union trade associations sent a letter to House lawmakers on Wednesday supporting a data security proposal being put forward by Reps. Blaine Luetkemeyer, R-Mo., and Carolyn Maloney, D-N.Y.

Wall Street welcomes Trump’s shift on regulation

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Pawlenty to leave FSR, industry reacts

After more than five years at the helm for the Financial Services Roundtable (FSR), former Minnesota Gov. Tim Pawlenty recently announced that he will step down from his post in March.

Pawlenty indicated in a press release that he believes he is leaving the advocacy organization as it is well-positioned for future success.

What CFPB gained, lost in constitutionality case

A federal appeals court handed a major victory — and a significant defeat — to the Consumer Financial Protection Bureau by upholding its constitutional structure while also slapping down the agency's practice of making new interpretations of law through enforcement actions.

Appeals court upholds U.S. consumer watchdog bureau's independence

A federal appeals court Wednesday ruled that the structure of the U.S. Consumer Financial Protection Bureau is constitutional, dealing a legal defeat to many Republicans and business groups that say the watchdog is too powerful.

The much-watched decision by the U.S. Court of Appeals for the District of Columbia Circuit said the bureau's leadership by a single director who can only be removed by the president for good cause did not violate legal boundaries.

Appeals court rules consumer bureau's structure is constitutional

Language in the Dodd-Frank Act that gives the Consumer Financial Protection Bureau’s (CFPB) independence from Congress is constitutional, the U.S. Court of Appeals for the District of Columbia Circuit ruled Wednesday, overturning a 2016 ruling by three of the court's judges.

In a review of the court’s previous decision, PHH v. CFPB, the full court held that the bureau can exist as an independent agency with a sole director who can only be fired by the president for “inefficiency, neglect of duty, or malfeasance.”

Appeals court rules CFPB's single-director structure is constitutional in reversal of earlier decision

A federal appeals court ruled Wednesday the Consumer Financial Protection Bureau's single-director structure is constitutional, reversing an earlier federal decision that the Obama-era agency fell afoul of the separation of powers.

The full D.C. Circuit Court of Appeals ruled seven to three that the current structure of the agency, which allows for a single director who cannot be removed by the president except for cause, "is consistent with Article II" of the Constitution.

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