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Name:
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lucky67
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Subject:
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Trump & regulatory environment--my take
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Date:
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11/15/2016 11:30:15 AM
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One of his campaign pledges was to reduce regulations on businesses; i hope he starts with the CFPB--created in 2010 as part of the DODD -FRANK (both close friends of ex Countrywide CEO Angelo Mozillo) Wall Street Reform & Consumer Protection Act; its main proponent was SEN Eliz Warren who was appointed as Special Advisor to the Treasury Dept (##??); this new Agency reports to the Federal Reserve yet 56 "managers " have salaries that well exceed that of the Fed RESERVE DIRECTOR; the Agency started in 2011 with 663 employees & a budget of $162 mill; its FY 2017 budget is $636 mill & they now have 1623 Employees; its Strategic Plan alone is 116 pages; This Agency has strangled the Lending Industry, put lenders and employees out of business, while procaliming "its serving the Consumer"; The regulations/Reporting would strangle a COW ;
I have been in lending all my life, serve as a consultant/expert witness on Financial fraud, President of Bank & mortgage companies, served on state & national committees, speaker at national conferences,& have performed work for Federal & State Regulators, yet when nominated to the CFPB in 2015, i was passed over for a LAW PROFESSOR who has never made a loan in his life,but was from a Prominent Senators home state.
while there were bad lenders who contributed to a meltdown in 2008--my question was & remains--where were the Regulators then ???
had they done their job, the meltdown might not have happened. Anyway, the CFPB is a beaucracy like all new agencies created by the FED GOVT; large staff, big salaries & mounds of regulations that stifle growth.
Time has come to dismantle this Agency
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