Read for yourself. Basically Ed Perlmutter and Barney Frank introduced a colloquy into the record that seems to say that the legislative intent of the reform bill is that the CFPA should delegate its examination powers over a given bank (which have already been limited to banks with over $10 billion in assets) to other regulatory agencies if those other agencies deem that the bank has a strong consumer compliance record. As loopholes go, I don’t think this is anywhere near the most toxic. (I guess the justification for this would be that it allows the CFPA to focus its resources on the largest banks, rather than banks with $11 billion in assets.)
But my favorite part of the article was this:
“[Perlmutter’s communications director Leslie] Oliver said there was no connection between the campaign contributions and Perlmutter’s actions. ‘He is campaigning. He accepts campaign contributions. Look at the totality of his campaign contributions,’ she said.”Of the $28,500 committees donated to his campaign in October, more than two-thirds came from the financial services industry.”
For the current election cycle, he has received the most money from the finance/insurance/real estate sector ($160,000), with lawyers and lobbyists second ($88,000). Labor is third at $75,000.
By James Kwak