1. Outlook Darkens for Wall Street as Biden's Regulators Take Shape

    Outlook Darkens for Wall Street as Biden's Regulators Take Shape

    (Reuters) - Wall Street may be facing an uncomfortable four years after President-elect Joe Biden's team confirmed on Monday it planned to nominate two consumer champions to lead top financial agencies, signaling a tougher stance on the industry than many had anticipated. Gary Gensler will serve as chair of the Securities and Exchange Commission (SEC) and Federal Trade Commission member Rohit Chopra will head the Consumer Financial Protection Bureau (CFPB)...

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    1. The CFPB has an incredibly important job to do, including stopping financial rip-offs.
    2. CBA does not believe it is in the best interest of consumers to have a new Director with each change in Administration. This whip-saw effect will stifle innovation and prevent consistent regulations.
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