AFR

“It is less than five years since the Consumer Financial Protection Bureau (CFPB) was established. Since then, the CFPB has fulfilled Congress’s vision of a federal agency with “the authority and accountability to ensure that existing consumer protection laws and regulations are comprehensive, fair, and vigorously enforced.”

“The [Metlife] decision is ‘really potentially damaging to the framework Dodd Frank set up to oversee nonfinancial institutions,’ said Marcus Stanley, policy director for Americans for Financial Reform. If the ruling is upheld, ‘FSOC would have a very hard time designating anybody in the future, even when they truly do pose risk to the financial system…'”

“… for many years the SEC did not sufficiently address the ways in which Investment Company Act restrictions can be violated through the use of derivatives. The SEC’s basic approach to derivatives risk at funds was set out in a series of releases and no-action letters between 1979 and the late 1980s. The fundamental approach adopted at that time was based on ‘offsetting’ or ‘coverage’ – that is, if a fund segregates assets deemed sufficient to ‘cover’ a derivatives risk, or an offsetting derivatives exposure, then derivatives usage would not violate ’40 Act limitations.”

“The pace of relief for wronged Corinthian students…remains far too slow, and its scope frustratingly narrow,” said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform. She pointed out that only students who took out loans after July 2010 are eligible for debt cancellation, which excludes borrowers with old bank-based federal student loans.