May 26, 2011
MarketWatch reports at least one prominent financial official is optimistic about the odds of Dodd-Frank being revised, including the Durbin Amendment.
“My belief is at the end of the day, Congress will reverse debit-card price controls, but I don’t know when,” said Steve Bartlett, president and chief executive of the Financial Services Roundtable, which represents the nation’s 100 largest financial-services firms, in a speech.
Bartlett also addressed the leadership of the Consumer Financial Protection Bureau created under Dodd-Frank, criticizing the agency’s “virtually unlimited” authority. Yet he did praise the bureau for its new mortgage disclosure forms, which he called a “breath of fresh air.”
Bartlett said financial organizations “are not seeking to repeal the CFPB” but “several improvements could be made.” He asserted that the most crucial amendment would be to restructure the agency’s leadership so that it is overseen by a five-member panel instead of a single director.
Click here to read more of Bartlett’s thoughts on the CFPB and the chances of changes to Dodd-Frank.
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