Transition Tracker | Transition Landing Teams Signal Some Positives for Financial Services

WHAT HAPPENED

Last week, President-elect Donald Trump announced several names for “landing teams.” The landing teams will collect information on each agency, including the agency’s budget, policies, priorities, and status of rulemakings. Members of a landing team do not necessarily end up with an appointment in the administration. Their job is to inform the transition team and help incoming appointees hit the ground running in January.

Leading the landing team at the Consumer Financial Protection Bureau (CFPB) is Paul Atkins, who has been part of the transition team for several weeks. He is meeting with the president-elect today. Atkins was also chosen to lead the landing team for the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. Others will likely be appointed to the CFPB landing team soon.

Atkins served as a member of the Securities and Exchange Commission (SEC) from 2002 to 2008, where he spoke out against big fines for companies, arguing they punish shareholders. He is currently the chief executive officer of Patomak Global Partners. Akins has been critical of the Dodd-Frank Act, particularly the creation of the Financial Stability Oversight Council (FSOC).

Other landing team members that may be of interest to financial institutions include:
  • William Walton at Treasury. Walton is the founder and chairman of Rappahannock Ventures LLC.
  • Curtis Dubay at Treasury. Dubay is a research fellow in tax and economic policy at the Heritage Foundation.
  • Judy Shelton at Treasury. Shelton is an economist with expertise in global finance and monetary issues.
  • Mauricio Claver-Carone at Treasury. Claver-Carone is the executive director of the Cuba Democracy Advocates.
  • Ralph Ferrara at the Federal Reserve Board: Ferrara is a securities lawyer and former SEC General Counsel.
  • Alex Pollock at FSOC and the Federal Trade Commission: Pollock is the former head of the Federal Home Loan Bank of Chicago. He is now is now a senior fellow at the R Street Institute think tank and formerly was at the American Enterprise Institute.

 

WHAT IT MEANS FOR AFSA MEMBERS

Atkins is a strong proponent of deregulaton and his appointment to the regulatory transition teams, including his appointment to the CFPB team, could signal the Trump Administration’s willingness to rollback recent regulations. At the very least, it shows that there will be less regulatory activity under President-elect Trump than there is under the current administration.

WHAT IS AFSA DOING

AFSA continues to work with the transition team to ensure that access to consumer credit is kept front of mind for any individuals that may have the ability to influence current or future regulations on the financial services industry.