In hopes that the Financial Stability and Oversight Council (FSOC) might use its authority to curb the Consumer Financial Protection Bureau’s (CFPB) regulatory regime, the National Association of Federally-Insured Credit Unions (NAFCU) is seeking help from Treasury Secretary Steven Mnuchin.
As part of the FSOC’s authority under the Dodd-Frank Act, the FSOC could take action that would stay or set aside regulations or provisions set forth by the CFPB or any of its member regulating bodies.
Read on to learn more about Berger’s argument and the FSOC’s authority.