Government Relations Policy Updates

Battle Over CFPB

Posted November 27, 2017

Richard Cordray resigned as CFPB Director Friday, Nov. 24 and designated his Chief of Staff, Leandra English, as his temporary replacement, sparking a legal showdown with the White House over who will run the agency.

Treasury Recommends Changes to FSOC SIFI Designations

Posted November 20, 2017

On Nov. 17, 2017, the U.S. Department of the Treasury released a report and fact sheet outlining proposed changes that would overhaul the way in which the Financial Stability Oversight Council (FSOC) addresses systemic risks, recommending a heavier focus on industry activities instead of individual firms.

OCC Suggests Ending the Separation between Banking and Commerce

Posted November 10, 2017

On Nov. 8, 2017, Acting Comptroller of the Currency, Keith A. Noreika, delivered an industry conference speech in which he explored the topic of how the separation of banking and commerce evolved in the United States and called for a broader discussion of whether the separation continues to serve the best interest of the nation’s banking system and economy today.

Chairman Hensarling Won't Seek Re-election in 2018

Posted November 1, 2017

On Oct. 31, 2017, Rep. Jeb Hensarling announced he will not seek re-election, marking the end of a political career defined by the Texas Republican's long-running struggle to pare back government intervention in the economy.

Congress Votes to Scrap CFPB’s Arbitration Rule

Posted October 25, 2017

On Oct. 24, 2017, the U.S. Senate voted to kill a landmark financial regulation that restricts banks and credit card companies from imposing mandatory arbitration on their customers as a means to resolve disputes.