So. President-elect Trump. Not many thought they would hear those words. But what does it mean for lenders?
The reality is that without a filibuster-proof majority, a repeal of the Dodd-Frank Act and dissolution of the Consumer Financial Protection Bureau is unlikely. Indeed, any changes to the CFPB will need some level of bipartisan support. Even the appropriations tricks that cut off funding will not work based on the CFPB’s construction (President Obama thought of that already). Hence, the end of the CFPB and Dodd-Frank is not imminent.
What could change, however, are some of the CFPB’s most aggressive policies. Regulation by enforcement, ex-post-facto enforcement, and the ever-increasing expansion of what “unfair and deceptive” means, are things that could change under new CFPB leadership appointed by President Trump. In addition, investigation and enforcement decisions could potentially be treated with a more business-friendly attitude.
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ABOUT ARI KAREN
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Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others.
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