Happy Holidays everyone! I’m gonna cut to the chase because for a non-election year, things have been more than a little wild in Washington, DC as it relates to community banking.
Let me start with the circus we call the Consumer Financial Protection Bureau (CFPB). Richard Cordray finally decided to step away from his role as director of the agency prior to his term being up apparently to run for Governor of Ohio. But, not before he flung one last arrow to the current administration. In an 11th hour move on the Friday after Thanksgiving (when generally nothing happens!), Cordray left office abruptly and placed a staffer in charge who was seemingly unfit by any measure of experience with the agency, the law or financial service related issues. The move seemed typical of the former director’s mantra that he answered to no one.
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