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TRUMP SIGNS EXECUTIVE ORDERS CALLING FOR REVIEW OF DODD-FRANK OVERHAULS
- In a move that came as a surprise to nobody, President Trump on Friday signed a pair of executive orders that signal an attempt to unravel much of the Dodd-Frank consumer protection law that was passed following the mortgage crisis and Great Recession nearly a decade ago. The Dodd-Frank law was what created the Consumer Financial Protection Bureau and while neither of the executive orders deal with the CFPB, the orders do call for reviews of certain aspects of the law, specifically allowing banks to make speculative investments, which was banned under Dodd-Frank, and delaying a fiduciary rule that would require financial advisors to act in their clients’ best interests. Meanwhile, Barney Frank, who lent his name to the bill, has spoken out about some of the changes he thinks need to be made to the law.
CFPB RULEMAKING AUTHORITY MAY BE UNCERTAIN, BUT AGENCY REMAINS ACTIVE IN ENFORCEMENTS
- The word of the day, as far as the Consumer Financial Protection Bureau’s rulemaking authority is concerned, is uncertainty, according to a number of lawyers from Venable LLP, who lay out a number of issues that cloud what the CFPB is and is not allowed to do. President Trump has issued a pair of executive orders that aim to reduce the regulatory burden going forward and discourage agencies from issuing new rules, but it’s possible that the CFPB is exempt from those orders. But, if the CFPB loses its appeal before the D.C. Circuit Court of Appeals in the PHH case, that will only make things murkier. But, the lawyers from Venable point out, even if the agency’s rulemaking authority is curtailed, its activity on the enforcement front has not. The CFPB has issued seven enforcement actions since President Trump was inaugurated.
CITY DETAILS WHY IT CHOSE COLLECTION AGENCY
- An Illinois city is set to vote on an agreement with Municipal Collections of America to go after individuals with unpaid parking tickets. What ended up selling the city on the collection agency is that the software used by Municipal Collections “better integrates” into the city’s software, making it more efficient for the city to send accounts to the collectors.
ASSESSING IMPACT OF SUPREME COURT NOMINEE ON COLLECTIONS CASES
- In all the hubbub about executive orders and immigration bans, it can be easy to forget that President Trump also nominated a judge to fill the vacancy on the Supreme Court left by the death of Justice Antonin Scalia last year. Neil Gorsuch may not have ruled on many cases in the past that deal with the laws governing the collections agency, but there are a number of possible cases either before or heading to the Supreme Court where he could have a major impact.
WORTH NOTING: If you didn’t watch it, or turned it off when the score was 28-3, you missed one of the greatest comebacks of all time … President Trump was one of those people who left too early … The game was definitely more exciting than any of the ads that aired … Among a bunch of ads that had a lot of political undertones, Melissa McCarthy won the night … The catch that everyone is talking about … Why the Patriots win is bad for the stock markets … Inside the life of the CEO of Snapchat, one of the world’s youngest billionaires … Why you shouldn’t trust one employee with your money … The hottest tools for productivity … Taking etiquette lessons is trending.
Melissa McCarthy won the weekend with the funniest skit from “Saturday Night Live”
That’s one stupid way to lose a tennis match
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
