The 2010 law does very little to constrain regulatory power, explaining why Republicans pushed for reforms during the Obama presidency and why, under President Trump, Democrats are so vigorously opposing agency management changes.
The House Financial Services Committee passed 13 bills (and scrapped a vote on one) Wednesday, including one that would stop Fannie Mae and Freddie Mac from being released by the government and another hailed as helping the underbanked in rural areas.
House and Senate bills contain a provision that would let financial firms in all states use digital scans of photo IDs to verify identities of prospective customers. That could ease the account-opening process for consumers in areas where branches are few and far between.
A bipartisan Senate alliance working on a bank regulatory relief bill appeared even stronger Tuesday as it worked to minimize changes in the interest of moving the legislative package to the Senate floor.
During a sit-down interview, Bruce Van Saun, the CEO at Citizens Financial, explained how Washington policy changes could boost lending, why cyber threats keep him up nights and how fintechs and AI are changing the industry for the better.
The ill will between Democrats and Republicans in the controversy over appointing an acting Consumer Financial Protection Bureau chief adds a new wrinkle to bipartisan efforts to pass regulatory relief.
Employees at the Consumer Financial Protection Bureau are privately questioning why outgoing director Richard Cordray abruptly tapped a 34-year-old chief of staff with no enforcement, supervisory or legal experience to head the embattled agency after he resigned.