Law360’s Evan Weinberger: If CFPB Loses PHH Case, Trump’s EO Requiring Elimination of Two Regs for Every New Reg Will Apply to CFPB

Here (behind paywall, I think). Excerpt:

The White House later confirmed to Reuters that the executive order did not touch independent regulatory agencies. * * *

That exclusion means that the Fed, the CFPB and other independent financial regulators, as well as the Dodd-Frank rules, are safe from the executive order for now. * * *

[I]f the CFPB is put under the executive branch [which would happen if PHH is not reversed], it will have to eliminate two rules for every new one, meaning that its mortgage rules or other regulations could be jettisoned in order to put in place payday lending, debt collection or other rules.

In an environment where Trump is expected to fire CFPB Director Richard Cordray, and is believed to be searching for a cause to do so, the executive order could serve as another way to “hamstring” the CFPB’s leader should the bureau lose in court, [Public Citizen's Amit] Narang said.

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