Degregulation And Mass Amnesia

Thanks for sharing Susan, great information on impending changes in housing financing.

The incoming administration is gearing up to make additional reductions to financial regulations during his second term, putting the CFPB, SEC, FDIC and Federal Reserve on notice that change is coming. Or at least the attempt at change.

I think it's too early to know what kind of changes will result from our next administration's review of financial agencies. And too early to know what kinds of safeguards will or will not remain in place. We shall see.

Good morning Susan,

I agree with Kat Palmiotti It's way too early to know what kinds of safeguards will or will not remain in place. We shall see.

Hello Susan - we shall see.  And it seems many repeat performances have more than their share of twists and turns.  

One thing for sure the next four years will be interesting, great information. Thanks for sharing it.

We are very much on the same page, more than you realize.  I am a former Wall Streeter - turned real estate agent (there are a bunch of us out there). I started my first career out of college working for AIG Trading Group. A few years after I left them, they merged with the now infamous AIG Financial Products. Initially I worked in traditional financial roles, but later evolved as a specialist in Training and Professional Development within Capital Markets covering many different areas of these firms. Post crash I worked in a bunch of different areas- but included was compliance and regulatory departments. I thought a lot of the regulations were poorly thought out and implemented- but it was better solution than not having regulations in place. At one Investment Bank that I was working for we had many different regulators that we needed to report to- Federal, State, Quasi-Governmental, and International. One good example of what I encountered routinely is that the bank had to supply regulators with reporting data,  but it's worth noting that many of the regulators were asking for the same or similar  reporting data sets but would be fined if the data wasn't being reported in the manner being requested. The reality was that the banks were more or less using the same data but needing to customize the reporting specific to each regulator. It wasn't a good use of time/effort for the banks- and if the regulators were talking to one another and the banks- there would be ways to streamline all of these efforts. More importantly- the banks could then focus on visualizing what the real problems and fix them rather than dedicating all these resources to customizing reports for each regulator. There are a lot of other issues to tackle as well.

My position is that we need good look at what's working and what's not and a total reworking of our regulatory framework. I am not a supporter of wholesale deregulating and killing off our agencies as Trump screams about. I would be a supporter if we are looking at making our regulations work better. But killing agencies just for popular opinions- that is irresponsible.

This is the short, short, short version of my background- but yes, I am concerned with the potential for mass amnesia.