Major Modifications to CFPA:

It looks like major modifications to the CFPA are on the table, including eliminating many of the most troubling elements, such as the "plain vanilla" proposal, the consumer comprehension tests, and the application to non-financial firms. Details here.

Mac (mail):
From the article:

"Nonbanks will be subject to a level of supervision and scrutiny that is no less burdensome or comprehensive than that governing traditional banks and thrifts and that will fully reflect the risks posed by these previously unregulated entities," according to Frank's memo.

Let us hope Frank's supervision and scrutiny will be a tad better than the supervision and scrutiny he paid to Fannie and Freddie, not to mention Countrywide and his friend Angelo. I would not trust Franks to run a hot dog stand. How about a regulation that prohibits all of these folks from contributing to Congressional and Presidential campaigns and proibits any politician from receiving any special favors from those whom they are regulating?

Geitner said,

"Time is the enemy of reform. As some normalcy returns to our financial system and our economy, we cannot let it be cause for complacency."

Why must everything be done in a hurry with this administration? It makes everyone suspicious as so much of this has been done before anyone has a chance to study legislation or even read it and know what is in the bills. This "urgency" is getting a bit old.

Also, the same foxes who are guarding this hen house were guarding or running the last hen house that collapsed. Somehow, this does not give me a feeling of great comfort or security.

Also, from the article:

The federal banking agencies, the National Credit Union Administration, Federal Trade Commission, the US Department of Housing and Urban Development, and the Chairman of the State Liaison Committee of the Federal Financial Institutions Examination Council would be represented on the oversight board, according to the memo

And, what in the hell does HUD have to do with any of this and why are they one of the overseers?
9.22.2009 11:56pm
Second Amendment Sister (mail):
CFPA will be mandated to improve the current disclosure regime with an emphasis on clarity, simplicity, conciseness, and reduction of regulatory burden.

Where do these people learn to write "clear, simple, and concise" English phrases?

"CFPA will make current disclosure regulations clearer, simpler, more concise, and less burdensome."

There, Barney, fixed it for you. *rolls eyes*
9.23.2009 12:45am
Mike McDougal:
Comprehension tests? I'm all for that.
9.23.2009 3:17am
runape (mail):
I get you don't buy behavioral law and econ, but the plain vanilla most provision was one of the "most troubling" to you?
9.23.2009 7:42am

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