Publication

Wall Street welcomes Trump’s shift on regulation

Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service.

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.

House Approves Bills To Prevent Financial Abuse Of Seniors

A duo of bills passed in the U.S. House of Representatives on Monday (Jan. 29) that would curb financial abuse of senior citizens and also ease the way for consumers residing in rural areas to open their bank accounts via remote means.

Morning Money

POWELL REACT ROUND-UP — You'll notice a theme... banking trades are very happy to have a deregulatory minded team at the Fed now with Powell and Vice Chair for Supervision Randy Quarles

ABA's Rob Nichols: "Chairman Powell has demonstrated his interest in reviewing and refining regulations to ensure they work to reinforce economic growth while preserving the important principles of prudential supervision. ... 

How can the payday lending rule change for the better?

There is a major question mark hanging over the Consumer Financial Protection Bureau’s (CFPB) final rule regulating lenders specializing in short-term, small-dollar loans. 

Once thought by some to be a safe bet to be voided via the Congressional Review Act, the bureau’s recent announcement that it will reconsider its rulemaking pertaining to payday lending and similar businesses could present an opportunity for depository institutions hoping for regulations that support their own low-cost, short-term financing products. 

The Trump administration could make life easier for payday lenders

Payday lenders may have just been cut some major slack.

The Consumer Financial Protection Bureau, under new leadership, is now reconsidering an Obama-era rule designed to keep payday lenders from preying on vulnerable consumers.

Pages