House Votes to Drastically Change CFPB

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News, Secondary Market June 8, 2017 2,094 Views Demand Propels Home Prices Upward 2 days ago Dodd-Frank Act Financial CHOICE ACT 2017-06-08 Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago On Thursday, the House of Representatives passed a landmark bill–233 to 186–that, in its current form would dramatically change the future of financial regulation. The Financial CHOICE Act, originally introduced by Representative Jeb Hensarling (R-Texas), Chairman of the House Financial Service Committee, on April 26, 2017, significantly amends the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.In mid-April, Republicans introduced the bill, arguing that Dodd-Frank and the subsequent regulation that ensued harms economic growth and ultimately, the American consumer. According to the proposal, Dodd-Frank’s particular brand of regulatory complexity and government micromanagement made basic financial services less accessible to small businesses and lower-income Americans.The CHOICE Act is the Republican response to reforms put in place after the 2008 economic collapse. Critics of Dodd-Frank have long argued that the law is too restrictive for financial institutions, driving up the cost of compliance, a cost that is ultimately born by the public. Republicans insist that the CHOICE Act offers financial institutions of all sizes a “Dodd-Frank off-ramp,” which, is an avenue to freedom from an overly burdensome and highly intrusive regulatory regime in exchange for the institutions maintaining significantly larger capital reserves than currently required.”Yes, there are a couple of particular things where we could tighten it up, but the assault on the major set of plans is greatly mistaken,” former Rep. Barney Frank, D-Mass., said recently on Squawk Box Asia. “Any comprehensive legislation needs some changes. If the Republicans hadn’t taken over the House in 2011, with an avowed purpose to get rid of the whole thing, we would have made the changes.”The CHOICE Act purports to achieve three major policy goals:Convert the Consumer Financial Protection Bureau (CFPB) into a consumer law enforcement agency subjecting it to the congressional appropriations process;Eliminate CFPB’s supervisory authority over financial institutions and limit its power to take action against entities;Remove “Too Big to Fail,” or the Financial Stability Oversight Council’s authority to designate non-bank financial institutions and financial market utilities as “systematically important”The bill’s sponsors say the intent of the bill is to create hope and opportunity for investors, consumers, and entrepreneurs by holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit.“Supporters of Dodd-Frank promised it would lift the economy, end bailouts, and protect consumers,” Hensarling said in April. “Yet Americans have suffered through the worst recovery in 70 years, Dodd-Frank guarantees future bailouts for Wall Street, and consumers are paying more and have fewer choices. Dodd-Frank failed to keep its promises to the American people, but we will work with President Trump to follow through on his promise to dismantle Dodd-Frank. That’s not what Wall Street wants, but it is what hardworking Americans need to have a healthier economy with more opportunities so they can achieve financial independence.”Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, quipped that she calls the act the “Wrong Choice Act” because it would be extremely harmful for hardworking Americans across the country.“Let’s first talk about why we passed Wall Street reform and created the Consumer Bureau in the first place,” Waters said. “Remember the financial crisis? At the core of it, there was an epidemic of irresponsible and malfeasant behavior by financial institutions. Under-regulated predatory lenders peddled and pushed toxic subprime loans to unsuspecting borrowers. Then Wall Street packaged those loans into securities, paid credit rating agencies to rate them AAA, and made bets that they would fail. When they imploded, it sent the economy tumbling into the Great Recession.”Waters went on to say the Democrats took action to ensure that this sort of abusive behavior could never happen again by passing Dodd-Frank and creating the CFPB and the passage of the CHOICE Act would lead the country down the road to another financial crisis.“Although financial services reform was necessary in the wake of the crisis, the passage of Dodd-Frank represented an overcorrection that ushered in an overly burdensome and unnecessarily complicated regulatory scheme for the mortgage industry,” said Five Star Institute President & CEO Ed Delgado. “Now nearly a decade later, the industry has partnered with government stakeholders and adapted to the new climate at great cost. I urge congress to be mindful of the business reality and enact any common sense financial reform in an incremental fashion to ensure continuity for the American Consumer.” Related Articles Sign up for DS News Daily About Author: Brianna Gilpin Share Save Tagged with: Dodd-Frank Act Financial CHOICE ACTcenter_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: Secretary Carson Defends HUD Budget Proposal Before Housing Subcommittee Next: JPMorgan Chase to Undergo Leadership Changes The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / House Votes to Drastically Change CFPB The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago House Votes to Drastically Change CFPB Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] last_img read more

Spectrum Design Studio wins 10 national awards

first_imgTen design concepts from USC’s Spectrum Design Studio were recognized in the national “Steal This Idea” competition.The contest, which is put on by the Association of College Unions International, recognizes the best marketing and promotions work by colleges and universities. There are more than 40 categories in the competition, including brochure, postcard and T-shirt designs.USC had 10 of its submitted designs chosen for the competition, including the USC “Fight On” spirit shirt — which won second place in the T-shirt category — and its Andrew Bird poster.Creative juices · Natasha Wu, Lexi Markavage and Kristie Kam, all student workers for Spectrum Design Studio, work on designs. – Neha Jain | Daily Trojan Spectrum Design Studio Director Dane Martens said he hopes the studio will gain recognition on campus in wake of its success in the competition.“The design studio isn’t something that people are fully aware of,” Martens said. “The things that we do may not be huge, but they are things that the USC community sees and interacts with on the daily basis.”The schools do not compete for cash or prizes but rather for bragging rights; chosen designs are featured in the July issue of ACUI’s magazine, The Bulletin.“[The studio’s success] shows that Student Affairs has yet again developed a program — an idea — that nets national attention and provides a really great service to all the departments here on campus,” Martens said.USC’s main competition for this year included CalPoly Pomona, Boise State University and CSU Sacramento, which won the Best in Show prize, he said.“It’s encouraging [designers] to get inspiration from others in the field,” Martens said.The Spectrum Design Studio is affiliated with USC Spectrum, a department within Student Affairs. Spectrum is responsible for putting on live performing arts events for the USC community through committees such as the Program Board.The design studio is in charge of creating posters and other promotional materials for Spectrum events, though it also works with groups such as the Office of Religious Life, Undergraduate Student Government and the School of Theatre to provide promotional materials.Examples of the design studio’s work include the Ronald Tutor Campus Center’s flower logo as well as Conquest, Homecoming and Welcome Week graphics. Designs created for projects are saved, and the best are entered in contests such as the “Steal This Idea” competition.Both students and staff create designs often, but designers turn to their peers in the office for feedback.Although a portfolio is required to work at the studio, the designers that work on the projects do not necessarily have previous design experience, Martens said. The students cover a broad range of majors, including fine arts, business administration and communication.“The students aren’t necessarily graphic design majors … which is something I think is interesting and exciting about the program,” Martens said. “If we think they have the raw talent, we cultivate that and teach them and train them to the point where they are winning national competitions and are coming out with great portfolios.”Kristie Kam, a junior majoring in graphic design, said she came into the studio as an undecided major without much design experience. After gaining experience working at the studio, she declared a graphic design minor.“Working there helped me for my design classes,” Kam said. “My job helped my major, and my major helped my job.”Studio alumni have gone to work for companies such as DC Shoes, Disney and DirecTV, among others.The studio plans to continue entering the competition in the future and hopes to one day win the Best in Show category, Kam said.“Now that we’re getting more press about our design abilities, people will think of USC differently, [as a] school that can do design, even though we aren’t [known as] an art school,” Kam said.last_img read more