Lobbying

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.

If the new White House engages in the same process of listening to and researching the fintech industry that President Obama initiated eight years ago, startups should just take a pass.

Reports are coming in about a new campaign bank lobbyists are considering to fight the establishment of an independent consumer protection agency: One idea that´s on the table, according to the Washington Post, is for a series of TV ads modeled after the "Harry and Louise" spots that aired during Clinton administration´s health care reform effort. Harry and Louise were everymen, a middle class couple lamenting the loss of their good private healthcare plans for coverage "designed by government bureaucrats." The thrust of this new campaign would be that a consumer protection regulator would stifle innovation and generally deprive consumers of more choices.