December 7, 2017
- A banking institution joined the battle over the Consumer Financial Protection Bureau’s new leadership. Lower East Side People’s Federal Credit Union alleges Trump’s appointment of Mulvaney is an “illegal hostile takeover,” of the agency. Lower East Side People’s Federal Credit Union is a New York based credit union that believes Cordray’s appointment following his resignation is the sole legitimate leader of the federal agency. As a result, the credit union sued President Trump and Mulvaney.
- The Senate is hard at work attempting to revise and restructure the financial legislation in place during the Obama administration. The Senate’s newest effort is to repeal the Dodd-Frank Act. The Senate’s Banking Committee began a markup of a bill which will restructure the current rules and regulations of the financial industry. The bill is entitled, the Economic Growth, Regulatory Relief and Consumer Protection Act. According to critics, the bill eliminates imperative Wall Street and consumer protections.