Congress would be justified to start congressional contempt proceedings against Consumer Financial Protection Bureau Director Richard Cordray, according to a staff report from Republicans on the House Financial Services Committee.
CongressFinance

Contempt Proceedings Justified for CFPB’s Cordray, GOP Report Says

By Ryan Rainey
Congress would be justified to start congressional contempt proceedings against Consumer Financial Protection Bureau Director Richard Cordray, according to a staff report from Republicans on the House Financial Services Committee.
CongressFinance
The Consumer Financial Protection Bureau this week published a new study on the status of checking account overdraft fees, in addition to rolling out prototypes for disclosure documents designed to help consumers better understand the results of opting into accounts that allow overdrafts.
Finance

CFPB Lays Groundwork for New Rules on Overdraft Fees

By Ryan Rainey
The Consumer Financial Protection Bureau this week published a new study on the status of checking account overdraft fees, in addition to rolling out prototypes for disclosure documents designed to help consumers better understand the results of opting into accounts that allow overdrafts.
Finance
A new report from Americans for Prosperity and Freedom Partners details how tax cuts across the decades have boosted federal revenue while growing the economy, providing a model for today’s lawmakers to emulate.
Finance
Opinion

Those Complaining About Tax Reform Don’t Know Much About History

By Mary Kate Hopkins and Michael Decker
A new report from Americans for Prosperity and Freedom Partners details how tax cuts across the decades have boosted federal revenue while growing the economy, providing a model for today’s lawmakers to emulate.
Finance
House Freedom Caucus Chairman Mark Meadows (R-N.C.) on Wednesday insisted that congressional tax writers include a corporate rate no higher than 19 percent in comprehensive legislation that he says needs to be sent to the president's desk by Thanksgiving.
CongressFinance

Freedom Caucus Chairman Insists on Corporate Tax Rate Below 20 Percent

By Ryan Rainey
House Freedom Caucus Chairman Mark Meadows (R-N.C.) on Wednesday insisted that congressional tax writers include a corporate rate no higher than 19 percent in comprehensive legislation that he says needs to be sent to the president's desk by Thanksgiving.
CongressFinance
The Anti-Pyramid Scheme Protection Act of 2017 (H.R. 3409), recently introduced by U.S. Reps. Marsha Blackburn (R-Tenn.) and Marc Veasey (D-Texas), offers a significant step forward in the area of consumer protection and business entrepreneurship by clearly and concisely defining illegal pyramid schemes and drawing a bright line between such illegal activities and the legitimate business operations of direct-selling organizations.
Finance
Opinion

Anti-Pyramid Scheme Bill Would Protect Consumers and Entrepreneurs

By Anne T. Coughlan
The Anti-Pyramid Scheme Protection Act of 2017 (H.R. 3409), recently introduced by U.S. Reps. Marsha Blackburn (R-Tenn.) and Marc Veasey (D-Texas), offers a significant step forward in the area of consumer protection and business entrepreneurship by clearly and concisely defining illegal pyramid schemes and drawing a bright line between such illegal activities and the legitimate business operations of direct-selling organizations.
Finance
Even as a fresh scandal threatens Wells Fargo & Co.'s ability to regain industry trust and intensifies calls for stricter federal oversight, some observers say punitive action at the federal level is unlikely for the third largest U.S. bank.
CongressFinance

New Scandal Lands Wells Fargo in Lukewarm Water

By Anna Gronewold
Even as a fresh scandal threatens Wells Fargo & Co.'s ability to regain industry trust and intensifies calls for stricter federal oversight, some observers say punitive action at the federal level is unlikely for the third largest U.S. bank.
CongressFinance
The Senate looks unlikely to vote this month on a resolution that would block implementation of the Consumer Financial Protection Bureau's recently finalized rule on mandatory arbitration clauses in financial consumer contracts.
CongressFinance

Prospects Dim for Senate Vote on CFPB Arbitration Rule This Month

By Ryan Rainey
The Senate looks unlikely to vote this month on a resolution that would block implementation of the Consumer Financial Protection Bureau's recently finalized rule on mandatory arbitration clauses in financial consumer contracts.
CongressFinance
Regrettably, more and more businesses in America are choosing not to go public to the detriment of economic growth, job creation and the ability of Main Street households to build wealth. The United States is home to roughly half the number of public companies as existed two decades ago, and there is little doubt that the long-term trend remains negative.
Finance
Opinion

Why Strong Public Markets Are Good for Main Street

By Brian O'Shea
Regrettably, more and more businesses in America are choosing not to go public to the detriment of economic growth, job creation and the ability of Main Street households to build wealth. The United States is home to roughly half the number of public companies as existed two decades ago, and there is little doubt that the long-term trend remains negative.
Finance
The White House's chief liaison with members of Congress said Monday that he expects tax writers will begin the legislative process for a tax reform package shortly after returning from August recess, with House floor action possible as soon as October.
CongressFinance

White House Calling for Tax Reform Consideration as Soon as October

By Ryan Rainey
The White House's chief liaison with members of Congress said Monday that he expects tax writers will begin the legislative process for a tax reform package shortly after returning from August recess, with House floor action possible as soon as October.
CongressFinance
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Briefings

Finance Brief: Week in Review & What’s Ahead

California Insurance Commissioner Dave Jones said the state will investigate whether or not Wells Fargo harmed hundreds of thousands of customers by selling them car insurance they didn’t need. The probe follows subpoenas issued by New York state’s banking and insurance regulator to two Wells Fargo units last week.

Finance Brief: Labor Department Seeks 18-Month Delay on Fiduciary Rule

The Labor Department said in a court filing that it was seeking an 18-month delay on the fiduciary rule, which requires financial advisers to act in retirement savers’ best interests. The agency filed the document as part of a lawsuit in the U.S. District Court for the District of Minnesota, in which it said that it was proposing to push the compliance date to July 1, 2019, and loosening some of the rule’s restrictions.

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