Name:   lucky67 - Subject:   Trump & regulatory environment--my take Date:   11/15/2016 11:30:15 AM

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