US financial watchdog’s reform plan to be curbed

Dhaka,  Thu,  24 August 2017
Published : 12 Jul 2017, 14:48:51

US financial watchdog’s reform plan to be curbed

US financial watchdog’s reform plan to be curbed
Republicans have accused a regulator appointed by Barack Obama of “going rogue” after he unveiled reforms to make it easier for consumers to sue their banks, clashing with the Trump administration’s deregulation agenda, according to a global media report Wednesday.

Political opponents of the Consumer Financial Protection Bureau (CFPB), run by Richard Cordray, began moves Tuesday to quash the watchdog’s new rule, which curbs the use of contractual clauses requiring customers to resolve disputes out of court.

Top Republicans have already called on President Donald Trump to remove Mr Cordray and to rein in the agency, which was created as part of the post-crisis Dodd-Frank reforms.

The CFPB’s crackdown on “mandatory arbitration” clauses in financial contracts follows a series of actions it took while Mr Obama was in office in areas including mortgages, student loans and payday lending, but is its most controversial step yet in the Trump era.

Some senior Republicans threatened to kill the rule using a tool the White House has already deployed to reverse a spate of Obama-era regulations. The tool, the Congressional Review Act, allows lawmakers to overturn new rules within a few weeks of their issuance.

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