November 17, 2016

TOO BIG TO SUCCEED: GOP, Business Groups Launch Campaign to Constrain CFPB.

The trade group for credit unions has demanded that the Consumer Financial Protection Bureau immediately “cease its pending rulemaking” affecting its members, seeking to give the new administration a chance to cast a more skeptical eye on the proposals than the current Democratic White House would provide. The agency has “stifled” the industry’s ability to serve its customers, Jim Nussle, head of the Credit Union National Association, said Friday.

“I am encouraged that the Trump administration seems eager to combat this regulatory overreach, and I look forward to working with them in those efforts,” Texas GOP Rep. John Ratcliffe told The Wall Street Journal Monday. Mr. Ratliffe last year sponsored legislation jointly with a fellow Texas Republican, Sen. Ted Cruz, to abolish the agency, which was created by the 2010 Dodd-Frank Act and championed by Massachusetts Democratic Sen. Elizabeth Warren.

Aside from enshrining “Too Big to Fail” as a national policy, running roughshod over checks and balances, and cementing the incestuous relationship between Washington and Wall Street, Dodd-Frank has been a smashing success.

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