President Trump’s administration is reportedly considering consolidating bank regulations, potentially shifting the Federal Deposit Insurance Corporation’s (FDIC) responsibilities to other agencies.
Kendall Garrison, president and CEO of Amplify Credit Union, joins Wealth to weigh in on the possible impact of these changes. He explains that the Consumer Financial Protection Bureau (CFPB) was established after the housing crisis to oversee large financial institutions and protect consumers.
“As we see CFPB begin to wind down and its future become very, very uncertain, many of us in the financial services industry are really looking around trying to figure out what is the next step. What does the regulatory environment look like for us going forward?” Garrison says, pointing out that “financial markets don’t like uncertainty.”
He believes the uncertainty has impacted things like rising bond yields (^TYX, ^TNX, ^FVX) and inflation, making housing affordability even more difficult. Garrison warns this could worsen the housing crisis.
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