#doddfrank — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #doddfrank, aggregated by home.social.
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An #email sent Monday by a #Trump administration official, obtained by Popular Information, explicitly instructs federal employees at the Consumer Financial Protection Bureau #CFPB to not carry out activities mandated by law. The email directly contradicts representations CFPB officials made in federal #court. #maga #vought #musk #doge #politics #WhiteHouse #congress #DoddFrank #financialsystem #economics #banking #loans #college #debt #mortgages #consumerprotection https://popular.info/p/email-shows-trump-officials-are-lying
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On Tuesday, the Supreme Court will hear oral arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America.
The case is a challenge to the funding mechanism that Congress set up for the CFPB when it created the consumer-finance watchdog agency as part of the Dodd-Frank financial reforms in 2011.
Unlike some other federal agencies that receive annual appropriations from lawmakers, Congress allows the CFPB to draw its funding directly from an account in the Federal Reserve System.
Congress has allowed federal agencies to receive funding from a variety of different sources, and it retains the power to change those arrangements whenever it sees fit.
The Fifth Circuit Court of Appeals disagreed. Judge Cory Wilson, writing for a unanimous three-judge panel, described the funding mechanism as a violation of the appropriations clause as well as a blow to the separation of powers.
“Even among self-funded agencies, the Bureau is unique,” Wilson claimed, quoting from precedent. “The Bureau’s perpetual self-directed, double-insulated funding structure goes a significant step further than that enjoyed by the other agencies on offer. And none of the agencies cited above ‘wields enforcement or regulatory authority remotely comparable to the authority the [Bureau] may exercise throughout the economy.’”
Wilson’s opinion echoed the widespread belief in the conservative legal movement that the CFPB is a dangerous threat to liberty and must be either reined in or destroyed.
The Supreme Court’s conservative majority, which appears similarly skeptical of the consumer-finance watchdog, previously dismantled the statutory for-cause protections for the CFPB’s director in 2018.
In one notable exchange on Capitol Hill, a Republican lawmaker from Pennsylvania told CFPB Director Rohit Chopra during a congressional hearing earlier this year that the financial industry was not happy with the agency’s work and urged her to “be responsive to the clientele that you’re supposed to be helping” when adopting new policies and regulations.
“Just to be clear, the clientele of the CFPB is not banks,” Chopra responded. “The clientele is the public"
#cfpb #scotus #doddfrank #fed
https://newrepublic.com/article/175899/supreme-court-watch-chevron-deference -
The Death of #DoddFrank: #BankingLaw's #Dobbs #Moment - #FinancialInstitutions #SystemicRisk #FinancialStability #LegalResearch #legisation #regulations #PrudentialBanking #economy #FederalReserve #Fed #SVB https://www.creditslips.org/creditslips/2023/03/the-death-of-dodd-frank-banking-laws-dobbs-moment.html
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The Death of #DoddFrank: #BankingLaw's #Dobbs #Moment - #FinancialInstitutions #SystemicRisk #FinancialStability #LegalResearch #legisation #regulations #PrudentialBanking #economy #FederalReserve #Fed #SVB https://www.creditslips.org/creditslips/2023/03/the-death-of-dodd-frank-banking-laws-dobbs-moment.html
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The Death of #DoddFrank: #BankingLaw's #Dobbs #Moment - #FinancialInstitutions #SystemicRisk #FinancialStability #LegalResearch #legisation #regulations #PrudentialBanking #economy #FederalReserve #Fed #SVB https://www.creditslips.org/creditslips/2023/03/the-death-of-dodd-frank-banking-laws-dobbs-moment.html
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The Death of #DoddFrank: #BankingLaw's #Dobbs #Moment - #FinancialInstitutions #SystemicRisk #FinancialStability #LegalResearch #legisation #regulations #PrudentialBanking #economy #FederalReserve #Fed #SVB https://www.creditslips.org/creditslips/2023/03/the-death-of-dodd-frank-banking-laws-dobbs-moment.html
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#DoddFrank is dead long live Dodd Frank II "2 senators have proposed creating an #independent #watchdog to monitor the #FederalReserve See the bill https://www.rickscott.senate.gov/services/files/3B2A4FB1-B0EA-4AF4-A9A1-3A2348C8B044. Senators #RickScott (R-FL) and #ElizabethWarren (D-MA) argue that the recent #collapse of #SiliconValleyBank (#SVB) and #SignatureBank was caused by #RegulatoryFailures at the #Fed, & claim that establishing an independent #InspectorGeneral would help to prevent future #BankFailures https://www.reuters.com/markets/us/republican-us-senator-rick-scott-democrat-warren-unveil-fed-oversight-bill-2023-03-22/ #FinancialStability
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Who can bankroll enough lobbying to actually change federal law?
Banks. $400M+ in 2 years:
"the banking lobby worked for two years to water down aspects of the 2010 Dodd-Frank law...with companies and trade groups that specifically mention Idaho Senator Mike Crapo’s legislation spending more than $400 million in 2017 and 2018, according to an Associated Press analysis of the public lobbying disclosures"
https://apnews.com/article/banking-crisis-congress-lobbying-svb-c2bc00ad41ae7fd1ec9d0ffb781383f2
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#Congress #corruption #banking #finance #DoddFrank #crapo -
CW: Long thread/4
If you're interested in the minutiae of this, Levitin's piece is short and clear - there's no automatic tort-based claim that would let the FDIC get the money back from the investors, because SVB isn't classed as a really big bank (a "#GSIB").
As for #DoddFrank's #SourceOfStrength doctrine, it "doesn't create any concrete financial liability—it's just exhortatory."
4/
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#Senators Aren’t Ready to Blame Themselves for #SiliconValleyBank Implosion https://theintercept.com/2023/03/15/silicon-valley-bank-senators/
2018 #deregulation bill: #Senate #Bill2155 — curbed parts of the #DoddFrank Act that forced #banks to lend responsibly, hold adequate cash on hand, and conduct stress tests to ensure the liquidity required to prevent a run. Removing oversight on banks holding $50 billion in assets to banks holding over $250 billion.
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Too many #Democrats joined the 2018 rollback of #DoddFrank financial safeguards. Now #ElizabethWarren and #KatiePorter are trying to fix the damage. https://www.commondreams.org/news/warren-porter-trump-bank-deregulation
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' [The bill] would repeal the centerpiece of a law passed ... by the Republican-led Congress in 2018, which eased Dodd-Frank financial regulations on midsize banks ...
The Warren-Porter bill would restore the [$50 billion asset] threshold established in 2010 for enhanced capital requirements and stress tests in an attempt to prevent future failures like those at SVB and Signature Bank last week. '
#BankFailures #ElizabethWarren #KatiePorter #DoddFrank #TooBigToFail
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If the fact that #BarneyFrank has spent the last seven years lobbying Congress to weaken and undermine the #DoddFrank Bill doesn't tell you that American capitalism is a supremely sick and twisted system, I just can't help you.
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What Katie Porter rightly had to say about the #SVB debacle on the birdsite:
"The collapse of Silicon Valley Bank was totally avoidable. In 2018, Wall Street pushed a deregulation bill that allowed banks like SVB to take reckless risks. It passed, even as I and many others warned of the risks. I am writing legislation to reverse that law."
Between 2015 & 2018 (passage of "GOP's" rollback legislation) SVB spent more than $500,000 to lobby/ bribe/ coerce Members of Congress to implement the deregulation that let SVB fuck up its own business.
#SiliconValleyBank #SVB #RiskyInvestments #DoddFrank #GOPSabotage #TrumpCorruption #IncompetentGOP #Corruption #AmericaDeservesBetter #Democracy #WeCanDoThis
https://www.commondreams.org/news/trump-era-deregulation-deemed-a-key-culprit-in-failure-of-silicon-valley-bank -
The failure of #SiliconValleyBank is a direct result of 2018 bank deregulation bill signed by #TraitorTrump 5yrs ago the Republican Director of the Congressional Budget Office released a report finding that this legislation would increase the likelihood that a large financial firm with assets of between $100 billion & $250 billion would fail 17 Democrats joined a unanimous Senate Republican conference to pass it clearing the House 258-159, winning 225 Republicans & 33 Democrats. #DoddFrank
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An analysis of #regulatory #filings reveals that 1,074 firms—from #AndreessenHorowitz to #GeneralCatalyst were holding capital at #SiliconValleyBank in 2022 #GSIB #SystemicRisk #Banking #FinancialStability #FinancialCrisis #FinancialRegulations #destroying #DoddFrank https://fortune.com/2023/03/12/venture-firms-custodied-silicon-valley-bank/
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The #SVB bank resolution from the #Biden administration was possible because of the Dodd-Frank bill that Obama pushed through. The SVB bank failure was possible because Donald Trump and the #Republicans weakened #DoddFrank.
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@NotMyBub It was just s matter of seconds, before "GOP" shit-slingers would expectedly come up with the "woke"-stereotype to distract from "Republican" corruption & guilt.
#SVB #GOPCorruption #DoddFrank #GOPLobbyists #PolicyHoes #BanTheGOP #DefraudingAmerica