This Week in Wall Street Reform | Apr 29-May 3 Please share this weekly compilation with friends and colleagues. To subscribe, email
[email protected], with “This Week” in the subject line. TABLE OF CONTENTS - The Trump Administration, Congress, and Wall Street - Consumer Finance and the CFPB - Small Business Lending - Investor Protection, SEC, Capital Markets - Derivatives and the CFTC - Executive Compensation - Mortgages and Housing - Private Funds - Student Loans and For-Profit Schools - Systemic Risk - Taxes - Elections, Money, and Politics - Other Topics T HE TRUMP ADMINISTRATION, CONGRESS & WALL STREET C ONSUMER FINANCE AND THE CFPB Consumer Advocates Endorse 36% Interest Cap On Payday Loans | Credit Union Times Consumer advocates on Tuesday endorsed plans to impose a 36% interest rate cap on short-term, small dollar loans—a proposal that could easily accommodate the 28% interest cap of the NCUA’s Payday Loan Alternative Loan program. “Congress can and should enact a rate cap of 36% or less, while not pre-empting the laws of states with even stronger rate caps,” Diane Standaert, executive vice president and director of state policy at the Center for Responsible Lending, told the House Consumer Protection and Financial Institutions Subcommittee. 1 The subcommittee’s hearing came as the CFPB considers whether to roll back the 2017 strict rule governing short-term loans, which often charge triple-digit interest rates and lock borrowers into a cycle of debt. Critics Fear Shift At CFPB Will Let Firms Off The Hook | American Banker By refocusing the Consumer Financial Protection Bureau on supervision instead of enforcement, Director Kathy Kraninger says she wants to prevent consumer harm.