Under new legislation passed by the United States House of Representatives yesterday — the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act — the CFPB’s power to regulate and fine the financial industry would be curtailed significantly.
- The Financial CHOICE Act would repeal Dodd-Frank's Volcker rule and dismantle many of its mortgage regulations.
- It would also change the scope of authority and name of the CFPB, tweak its structure and eliminate its ability to investigate "unfair, deceptive or abusive acts and practices."
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