Many in the financial services industry were watching the presidential election results closely. This is particularly true of the companies within the financial services industry under the regulatory and enforcement purview of the Consumer Financial Protection Bureau (CFPB).
Presidential candidate Mitt Romney had explained on the campaign trail that he would work diligently to repeal Dodd-Frank and disband the CFPB. He and others believe that the regulatory and enforcement powers of the CFPB are unchecked and have inundated the industry with unnecessary new rules and regulations.
The House Committee on Financial Services recently announced that regulators have written 224 of the 400 new rules promulgated as a result of Dodd-Frank — these rules consume 7,365 pages.
But despite the opposition to Dodd-Frank and the CFPB, President Barack Obama’s re-election means that both are here to stay. Indeed, President Obama has made consumer protection a focus in his first administration and all signs suggest that will continue. What’s more, with the election of Elizabeth Warren to the United States Senate, she will no doubt continue to champion causes aimed at consumer protection.
Recently, Director Cordray presented the five-year strategic plan for the CFPB. Now, it appears that the plan is even more relevant than it was just a few weeks ago.