Bank lobby presses for commission to lead consumer watchdog agencyWASHINGTON (Reuters) - Bank lobbying groups are pressing the U.S. Senate to once again work on reforming the country’s consumer financial watchdog agency - but this time around they may see those changes become reality. In a letter to Senate leaders released on Wednesday the groups, including the Consumer Bankers Association and the Credit Union National Association, called for legislation to change the leadership of the Consumer Financial Protection Bureau from a single director to a five-member commission, which they say would make the agency more accountable. They also asked Congress to void the CFPB’s recent rule on prepaid cards and halt work on regulations for mandatory arbitration, payday lending, and third-party debt collection using a law known as the Congressional Review Act. The CFPB’s sole director has “unprecedented authority over financial institutions, with minimal oversight,” they wrote in the letter, which was also signed by the Independent Community Bankers of America and the National Association of Federal Credit Unions. The director’s power to both create regulations and carry out enforcements, including levying million-dollar fines, can “have sweeping and longlasting effects,” the groups wrote. Many have supported commission leadership since the CFPB was first created in the 2010 Dodd-Frank Wall Street reform law to protect everyday consumers from bad actors in the areas of mortgages, student loans, credit cards and banks. Recently, the CFPB and other agencies fined Wells Fargo & Co $185 million for creating fake accounts. Republicans drafted the first Senate bill to change the CFPB, currently headed by Richard Cordray, in 2012 and then introduced similar legislation in the following three years. In the House of Representatives, the Financial Services Committee recently approved a sweeping bill to also create a commission to run the agency. Democratic President Barack Obama has stood in the way of establishing a commission with his veto pen. President-elect Donald Trump, a Republican, is expected to support changes. The single-director structure allows the CFPB to move quickly and eliminates the risk of protracted fights among commission members, proponents say. A three-judge panel in the U.S. Court of Appeals for the District of Columbia recently agreed the director has too much power, although it ruled that could be remedied by allowing the president to fire the director without cause.  The government petitioned the entire court for a review of the decision. The court has signaled it will vote on the petition before Trump’s Jan. 20 inauguration, and many expect it will go ahead with the review. In an unusual step revealing the case’s importance, it asked the solicitor general to file a separate brief. Lawyers say the separate brief may be a form of due diligence, showing the court has heard all sides. Or, it could be a way to “lock in” the current administration’s opinion to create consistency with the next one. The solicitor general under Trump would represent the CFPB if the case goes to the Supreme Court. politicsNews
bank lobby presses commission lead consumer watchdog agencywashington reuters bank lobbying groups pressing senate work reforming country consumer financial watchdog agency time around may see changes become reality in letter senate leaders released wednesday groups including consumer bankers association credit union national association called legislation change leadership consumer financial protection bureau single director commission say would make agency accountable they also asked congress void cfb recent rule prepaid cards halt work regulations mandatory arbitration panda lending debt collection using law known congressional review act the cfb sole director unprecedented authority financial institutions minimal oversight wrote letter also signed independent community bankers america national association federal credit unions the director power create regulations carry enforcement including living fines sweeping longlasting effects groups wrote many supported commission leadership since cfb first created wall street reform law protect everyday consumers bad actors areas mortgages student loans credit cards banks recently cfb agencies fined wells cargo co million creating fake accounts republicans drafted first senate bill change cfb currently headed richard portray introduced similar legislation following three years in house representatives financial services committee recently approved sweeping bill also create commission run agency democratic president barack obama stood way establishing commission veto pen donald trump republican expected support changes the structure allows cfb move quickly eliminates risk protracted fights among commission members proponents say a panel court appeals district columbia recently agreed director much power although ruled could remedied allowing president fire director without cause the government petitioned entire court review decision the court signaled vote petition trump inauguration many expect go ahead review in unusual step revealing case importance asked solicitor general file separate brief lawyers say separate brief may form due diligence showing court heard sides or could way lock current administration opinion create consistency next one the solicitor general trump would represent cfb case goes supreme court politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Bank lobby presses for commission to lead consumer watchdog agencyWASHINGTON (Reuters) - Bank lobbying groups are pressing the U.S. Senate to once again work on reforming the country’s consumer financial watchdog agency - but this time around they may see those changes become reality. In a letter to Senate leaders released on Wednesday the groups, including the Consumer Bankers Association and the Credit Union National Association, called for legislation to change the leadership of the Consumer Financial Protection Bureau from a single director to a five-member commission, which they say would make the agency more accountable. They also asked Congress to void the CFPB’s recent rule on prepaid cards and halt work on regulations for mandatory arbitration, payday lending, and third-party debt collection using a law known as the Congressional Review Act. The CFPB’s sole director has “unprecedented authority over financial institutions, with minimal oversight,” they wrote in the letter, which was also signed by the Independent Community Bankers of America and the National Association of Federal Credit Unions. The director’s power to both create regulations and carry out enforcements, including levying million-dollar fines, can “have sweeping and longlasting effects,” the groups wrote. Many have supported commission leadership since the CFPB was first created in the 2010 Dodd-Frank Wall Street reform law to protect everyday consumers from bad actors in the areas of mortgages, student loans, credit cards and banks. Recently, the CFPB and other agencies fined Wells Fargo & Co $185 million for creating fake accounts. Republicans drafted the first Senate bill to change the CFPB, currently headed by Richard Cordray, in 2012 and then introduced similar legislation in the following three years. In the House of Representatives, the Financial Services Committee recently approved a sweeping bill to also create a commission to run the agency. Democratic President Barack Obama has stood in the way of establishing a commission with his veto pen. President-elect Donald Trump, a Republican, is expected to support changes. The single-director structure allows the CFPB to move quickly and eliminates the risk of protracted fights among commission members, proponents say. A three-judge panel in the U.S. Court of Appeals for the District of Columbia recently agreed the director has too much power, although it ruled that could be remedied by allowing the president to fire the director without cause.  The government petitioned the entire court for a review of the decision. The court has signaled it will vote on the petition before Trump’s Jan. 20 inauguration, and many expect it will go ahead with the review. In an unusual step revealing the case’s importance, it asked the solicitor general to file a separate brief. Lawyers say the separate brief may be a form of due diligence, showing the court has heard all sides. Or, it could be a way to “lock in” the current administration’s opinion to create consistency with the next one. The solicitor general under Trump would represent the CFPB if the case goes to the Supreme Court. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: bank lobby presses commission lead consumer watchdog agencywashington reuters bank lobbying groups pressing senate work reforming country consumer financial watchdog agency time around may see changes become reality in letter senate leaders released wednesday groups including consumer bankers association credit union national association called legislation change leadership consumer financial protection bureau single director commission say would make agency accountable they also asked congress void cfb recent rule prepaid cards halt work regulations mandatory arbitration panda lending debt collection using law known congressional review act the cfb sole director unprecedented authority financial institutions minimal oversight wrote letter also signed independent community bankers america national association federal credit unions the director power create regulations carry enforcement including living fines sweeping longlasting effects groups wrote many supported commission leadership since cfb first created wall street reform law protect everyday consumers bad actors areas mortgages student loans credit cards banks recently cfb agencies fined wells cargo co million creating fake accounts republicans drafted first senate bill change cfb currently headed richard portray introduced similar legislation following three years in house representatives financial services committee recently approved sweeping bill also create commission run agency democratic president barack obama stood way establishing commission veto pen donald trump republican expected support changes the structure allows cfb move quickly eliminates risk protracted fights among commission members proponents say a panel court appeals district columbia recently agreed director much power although ruled could remedied allowing president fire director without cause the government petitioned entire court review decision the court signaled vote petition trump inauguration many expect go ahead review in unusual step revealing case importance asked solicitor general file separate brief lawyers say separate brief may form due diligence showing court heard sides or could way lock current administration opinion create consistency next one the solicitor general trump would represent cfb case goes supreme court politicsnews