Director, Cfpb, Senate discussed on FT Banking Weekly


Other cpb as that of a single director that has all rule riding over every single bank has enforcement powers over every bank and has examination power over bank there's more powers bestowed upon the the director the cpb than all other agency heads combined we are pushing for a commission of the cfpb a fiveperson bipartisan senate confirmed leadership structure just like every other agency is in the united states run so how would the outcomes be better for the consumer if if such a structure were to be imposed are less imagine this been a brocco momma appointed richard cordially confirmed by the senate the pendulum swung on me to the left possibly under president trump the pendulum will swing all the way to the right under a commission type structure that pendulum does not swing hopefully it would stay in the middle sheila bear formerly of the fdic chair of the fdic said if you want to have certainty instability in the marketplace you create a commission so the pin on doesn't swing left to right we just spent millions of dollars tens of millions of dollars hundreds of millions of dollars complying with all things cfpb and been i will tell you in many instances we should have spent that type of money but now we're going to be spinning hundreds of million dollars complying with a new director we don't wanna do this again in five years that's why we want to have stability and certainty in the middle so over the past few years when he fought this single the right to you i think you've look into into a dictator at least that's one of the talking points her isn't it like i said what where did them mr quarter i really overstep whatever boundaries he had yeah there were several instances uniform examination of our banks sometimes ruling with an iron fist to despaired impact of auto lending whether you statistical analysis yaohua instead of writing a rule he came out with guidance and in.

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