As the effects of Dodd-Frank continue to hit the industry and our customers, the new unified Republican government in Washington, D.C. is working towards relief. Congressman Sean Duffy (R-WI) has told WBA that they expect the House of Representatives to pass an updated version of the CHOICE Act by March. However, one of the main reforms talked about in the last congress related to the Consumer Financial Protection Bureau has been taken off the table by House Financial Services Committee Chairman Jeb Hensarling (R-TX).
The CFPB is currently run by a single director (Richard Cordray), and the idea was to replace that single post with a 5-member commission. While more Congressional oversight is in order for the CFPB, changes in the department hierarchy appear to not be on the horizon.
In the meantime, another member of the Board of Governors of the Federal Reserve and point person on the regulations promulgated in the wake of Dodd-Frank has announced his resignation. Daniel Tarullo's term was not to expire until 2022. This gives President Donald Trump (R) a chance to fill the vacant role of Federal Reserve vice chairman in charge of bank oversight.