Analysts split on CFPB
December 27, 2010 | CFPB | Comments (0)From Insurance Networking News:
Douglas Landy, a partner in Allen & Overy LLP and formerly a lawyer at the New York Fed, agreed.
“Before two or three years ago no one would have believed you if you had said the consumer finance industry can cause a systemic threat. … It was viewed as individual issues, not a collective problem,” he said. “The events of the last three years have disproved that. Fundamentally the banks lost the argument that there was no issue that needed to be addressed here.”
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“The CFPB represents an unprecedented grant of authority with a regulator with very few checks on its power,” said Jaret Seiberg, financial services policy analyst for MF Global’s Washington Research Group. “That’s why it was a lightening rod.”
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