Sam Gendusa July 3, 2016

Newsletter - July 2016

Last month we investigated the fate that could await the Consumer Finance Protection Bureau (CFPB) when November rolls around, and we discovered there would be a stark difference between the potential Clinton and Trump Administrations. And while the 2016 Presidential candidates soak up most of the headlines, they aren’t the only ones who can influence policy in Washington...

Recently, Republican Representative Jeb Hensarling of Texas took aim at the CFPB with a piece of legislation that would totally reform the regulations on the financial industry. If you are in that industry (and if you’re reading this, there’s a good chance you are), you need to know about this. So we’re here to provide you the high-level overview.

The Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, according to the executive summary, focuses on 7 points:

  1. Economic growth must be revitalized through competitive, transparent, and innovative capital markets;
  2. Every American, regardless of their circumstances, must have the opportunity to achieve financial independence;
  3. Consumers must be vigorously protected from fraud and deception as well as the loss of economic liberty;
  4. Taxpayer bailouts of financial institutions must end and no company can remain too big to fail;
  5. Systemic risk must be managed in a market with profit and loss;
  6. Simplicity must replace complexity, because complexity can be gamed by the well-connected and abused by the Washington powerful; and
  7. Both Wall Street and Washington must be held accountable.

Obviously, any change to the CFPB will have a resounding fallout on the industry and country. And despite political opinions and research, no one can be 100% sure what that fallout is going to be…

There is an element of risk anytime a massive shift in financial policy comes down, and so the wise move is to ensure your portfolio is safely nestled in a cocoon of clearly defined and complete documentation.

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