Ok, I actually wrote the last two CFPA/OCC posts Saturday morning and let them sit until this morning, so I didn’t see that the CFPA announcement had been leaked with my head being in this conference. Catching up now, (h/t from Felix Salmon) Edmund Andrews:
Another bad sign is that Dodd’s proposal incorporates a big concession that House Democrats made to the banking industry. Specifically, the House bill would make it very hard for states to enforce tougher consumer protections than those imposed by the Feds.
That’s a big deal. During the heyday of mortgage madness, states like New York and North Carolina fought to clamp down on predatory lending, only to be pre-empted by the Office of the Comptroller of the Currency when it came to nationally-chartered banks and their subs.
Yup. Can there be an Olympic event for lobbying? If you haven’t seen it yet, Andrews and Felix give a good overview to this development. But will this bring anyone new on board?
Chapter 6 of the Make Markets Be Markets report is “The Broken Consumer Credit Market” by Elizabeth Warren (chapter available online here) which she’ll present, defend and take questions on Wednesday morning at our conference. So that timing worked out pretty well.