Law360 Quotes Joe Reilly on Preservation of CFPB Under Banking Bill

June 7, 2018

Washington senior counsel Joe Reilly — who focuses on consumer finance, regulatory and enforcement matters — commented in a May 29 Law360 story about the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act, which Law360 called the “biggest rollback of bank regulations since the financial crisis.”

In the story, Reilly notes that the structure of the Consumer Financial Protection Bureau is unchanged under the new law and likely will remain so through midterm elections and even thereafter, depending on the outcome of those elections.

“Despite the White House’s stated preferences to restructure the CFPB, the Senate held firm and the final bill does not contain any of those structural changes,” said Reilly, principal author of a CFPB mortgage origination rules treatise titled The CFPB Mortgage Origination Rules Deskbook (2nd Edition).

“Unless the Republicans really make some gains in the Senate, we’re not going to see it for the foreseeable future,” he added.

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