Treasury Department Defends Dodd-Frank, CFPB

HousingWire reports that Neal Wolin, Treasury Department Deputy Secretary, defended the Dodd-Frank Act (Dodd-Frank) against critics, charging that the reforms requiring banks to maintain a larger financial safety net for future crises will delay the current economic recovery.  Wolin said the current system favors short-term gains over long-term stability and growth.  Because buffers were not in place to absorb the shock of the housing crisis, the system ultimately had to rely on taxpayer dollars to bail it out.  Responding to criticism that the Consumer Financial Protection Bureau (CFPB) will have too much independence, Wolin said, “The CFPB’s job is to deter deceptive and abusive practices, promote clear disclosure, and help consumers get the information they need.”

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