Andy Puzder, President-elect Donald Trump's choice for Labor secretary, has been a critic of government regulation, including the Labor Department's overtime rule. Neither Trump nor Puzder, CEO of CKE Restaurants Holdings, has commented on the fiduciary rule for retirement advisers, but some analysts expect the new administration to try to stop or ease the rule.
Supporters of the Export-Import Bank are seeking common ground with President-elect Donald Trump, who has not taken a clear stance on the bank. "President-elect Trump is keenly focused on manufacturing jobs. That's one of the main things we do," Fred Hochberg, chairman of the Export-Import Bank.
Credit card cash-back rewards programs are popular, but some industry executives say they are not sustainable and might not promote as much loyalty as other rewards programs.
A report from Moody's Investors Service says privatizing government-sponsored enterprises Fannie Mae and Freddie Mac would be cost-prohibitive and negative for bond investors.
The Office of the Comptroller of the Currency is considering downgrading Wells Fargo for its performance under the Community Reinvestment Act, sources say. The bank could be dropped to "needs to improve" from "outstanding" when the OCC issues its ruling in January.
Mortgage lenders are doing a better job of complying with the TILA-RESPA Integrated Disclosure rule, according to a report by ACES Risk Management. Mortgages with serious defects fell to 1.63% during the second quarter, reversing an upward trend from the prior three quarters, the report says.
The Consumer Financial Protection Bureau fined three reverse-mortgage lenders $790,000. The CFPB claims the lenders used deceptive advertising to lure homeowners into taking out reverse mortgages.
CBA and others have written Senate leaders to argue that a five-member, bipartisan commission at the Consumer Financial Protection Bureau would increase clarity and consistency long term and would protect the agency from becoming a political weapon. Incoming Senate Minority Leader Chuck Schumer, D-N.Y., does not plan to support CFPB reform, an aide says. Read CBA's news release.
Republican senators want to change the Dodd-Frank Act through reconciliation, which requires support from a simple majority, instead of 60 votes. The Consumer Financial Protection Bureau and the Office of Financial Research are top targets for change.
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