This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.
By Lydia Beyoud and Jeff Bater
The political battle over the Consumer Financial Protection Bureau is unlikely to derail bipartisan legislation to relax Dodd-Frank Act rules for community lenders and regional banks, several Democratic co-sponsors said Nov. 28.
“People’s emotions run very high when you mention the CFPB, and that was one of the reasons why we kept it out of the bill,” Mark Warner (D-Va.) told Bloomberg Law at the RegTech Enable conference in Washington.
Mick Mulvaney, the Trump administration’s choice to be acting director of the CFPB, has ordered employees to ignore orders from Deputy Director Leandra English. English, who was appointed by outgoing director Richard Cordray, planned to spend today at CFPB headquarters, one day after meeting with lawmakers including Senate Minority Leader Chuck Schumer (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.).
The Senate Banking Committee will take up legislation (S. 2155) Dec. 5 that raises the threshold for labeling banks as systemically important to $250 billion in assets from the current level of $50 billion. The bill also offers a number of breaks for community banks, including short-form call reports and extended examination cycles.
The sponsor is Sen. Mike Crapo (R-Idaho), who chairs the committee. Co-sponsors include nine Democrats, nine Republicans, and one Independent.
“There is nothing in that bill that deals with the Consumer Financial Protection Bureau,” Heidi Heitkamp (D-N.D.) told Bloomberg Law. “That was by design. That’s a separate issue. We have nothing but great hopes for that bill receiving a favorable markup, a lot of really good discussion.”
Heitkamp said that amendments might surface from both sides pertaining to the CFPB. “We wouldn’t expect those amendments would be successful,” she added.
Joe Manchin, (D-W.Va.) similarly dismissed the potential impact of the CFPB leadership controversy. “They’re just playing games right now with this whole thing, with who’s in charge, how long they’re going to be in charge,” Manchin said. “They’ll work that out. They always do.”
Warner said he expects that the bill has enough Democratic support to achieve a 70-vote margin of approval on the Senate floor.
To contact the reporters on this story: Lydia Beyoud at lbeyoud@bloomberglaw.com and Jeff Bater at jbater@bloomberglaw.com
To contact the editor responsible for this story: Michael Ferullo at mferullo@bloomberglaw.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to books@bna.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to research@bna.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)