Trump nominates FDIC chairman; Cordray fights back | American Banker

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Receiving Wide Coverage … FDIC nominee: President Trump has nominated James Clinger, chief counsel to the House Financial Services Committee chairman, to head the Federal Deposit Insurance Corp. Clinger’s nomination is a “big step towards loosening the shackles on Wall Street,” the Financial Times commented. It comes as “Wall Street banks lower their expectations for an overhaul of Dodd-Frank in Congress and pin their hopes instead on Trump-appointed regulators watering down rules within existing law.” Wall Street Journal, Financial Times, American Banker

Wall Street Journal Fighting back: Consumer Financial Protection Bureau Director Richard Cordray is rebutting charges by the House Financial Services Committee’s staff that he failed to do his job in handling the investigation into Wells Fargo’s phony accounts scandal and that he failed to cooperate with the committee in its own probe of the matter. The panel’s staff recommended that Cordray be held in contempt if the charges are found to be true.

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