Word: occ
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Dates: during 2010-2019
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...CFPA would actually weaken consumer protection. Nobody is defending the recent performance of the Federal Reserve, the Office of the Comptroller of the Currency (OCC) or any of the other financial agencies with current consumer-protection duties. But that doesn't necessarily mean those duties should be transferred to a brand-new bureaucracy. As JPMorgan Chase CEO Jamie Dimon has been asking privately: If my legal department screws up, do I create a new legal department? Some bank lobbyists argue that consolidating all consumer protection in just one new agency would be like leaving just one rookie cop patrolling...
...course, it's fair to wonder why bank lobbyists would be so concerned about the CFPA failing to protect their customers from exploitation. And agencies like the OCC can be expected to protect their turf. But the status quo just isn't working, and history suggests that consumer protection will never be a top priority at agencies primarily responsible for ensuring the financial health of banks. The CSPC, FDA and EPA aren't perfect, but their clear missions have made them much less susceptible to capture by industry, and much more attractive to employees who are serious about enforcement. That...