First Reactions to the CFPA White Paper

“[T]he white paper may get beaten black and blue. There is unease on Capitol Hill over an expanded role for the Fed, continued balkanisation and much else. Bank lobby groups support systemic regulation but will waste no time trying to water down the consumer agency and persuade lawmakers that higher capital requirements will curb lending to hard-working Americans (and put the industry at a competitive disadvantage without international harmonisation). Moreover, the reforms must jostle with health care and energy for legislative time, leaving some doubting their chances of passing in any form until next year. As uncharacteristically exciting as financial regulation has become, even bigger thrills may lie ahead.”

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