Trump’s call to ‘rationalize’ federal financial regulation could threaten U.S. dual banking system

From: JDSupra Business Advisor

by Gregory OmerThompson Coburn LLP

Banks Can’t Wait to Wipe This Complaints Database

Editor’s Note: The federal databases are subject to the Data Quality Act. It is unlawful for the federal government disseminate inaccurate data. See, The CFPB’s Consumer Complaint Database and the Data Quality Act. Also see the Proposed Recommendation to ACUS on Consumer Complaint Databases, here.

From: Bloomberg

A seemingly benign catalogue of consumer complaints is one of banks’ biggest gripes. Trump can fix that for them.

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Presidential Executive Order on Core Principles for Regulating the United States Financial System

From: The White House

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Sec. 2. Directive to the Secretary of the Treasury. The Secretary of the Treasury shall consult with the heads of the member agencies of the Financial Stability Oversight Council and shall report to the President within 120 days of the date of this order (and periodically thereafter) on the extent to which existing laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies promote the Core Principles and what actions have been taken, and are currently being taken, to promote and support the Core Principles. That report, and all subsequent reports, shall identify any laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies that inhibit Federal regulation of the United States financial system in a manner consistent with the Core Principles.

Community banks urge Trump administration to curb fair lending overreach

From: Financial Regulation News

The Independent Community Bankers of America (ICBA) urged the Trump administration last week to rein in the overzealous application of fair lending laws, claiming the laws have sparked a trend of unwarranted enforcement actions.

“Community banks are fully committed to fair lending and strongly oppose discrimination prohibited under laws such as the Fair Housing Act and Equal Credit Opportunity Act,” Cameron Fine, ICBA president and CEO, said. “However, community banks are experiencing enforcement overreach that diverts an abundance of resources from serving their local communities to complying with and responding to unwarranted fair lending allegations.”

Financial Regulation: Wall Street Takes Washington

From: The Wall Street Journal

By Jacob M. Schlesinger and Henry Williams

A new crowd of deregulating Wall Streeters take power in Washington under President Donald Trump, as they prepare to freeze, then undo, Obama-era rules. The Obama administration ends with a flurry of enforcement actions, an attempt to close the books on crisis-related cases. The consumer finance watchdog—a frequent target of Republicans—digs in, and prepares to fight back. Overseas, Chinese officials scramble to keep their financial system under control.

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