The Trump administration insisted Saturday that OMB Director Mick Mulvaney was the rightful interim leader of the CFPB, but Democrats said that the appointment was illegal. It remains unclear who is legally in charge.
The regulatory relief bill would raise the SIFI threshold to $250 billion of assets and allow mortgages held in portfolio to be counted as "qualified," among other items, but it is far less sweeping than institutions had hoped.
Lawmakers like Sen. Tim Scott may feel differently about some elements in a Senate regulatory relief bill depending on whether CFPB Director Cordray is remaining in office until his term expires in July.
Interim Director, Economic EquityThe Greenlining Institute
Efforts to repeal a Dodd-Frank mandate for lenders to report data on small-business applicants — including race and ethnicity — overlook the benefits of the provision to both communities of color and banks.
House lawmakers including Jeb Hensarling are preparing to move on a series of targeted regulatory relief bills in an effort to give Senate Banking Committee Chairman Mike Crapo, R-Idaho, more leeway when he tries to craft a relief measure.