The government agency in a tug-of-war leadership fight

The U.S. consumer watchdog agency, enmeshed in partisan politics since its creation after the 2008 financial crisis, is now at the centre of a tug-of-war over who will lead it. Both the departing director - an Obama appointee often criticized as being too aggressive by banks and Congressional Republicans - and the White House have named interim leaders of the Consumer Financial Protection Bureau.

Consumer watchdog head names a successor, and Trump does too

In this March 26, 2015, file photo, Consumer Financial Protection Bureau Director Richard Cordray speaks during a panel discussion in Richmond, Va. Cordray, the first director of the Consumer Financial Protection Bureau, tendered his resignation Friday, Nov. 24, 2017, and simultaneously named his own successor, setting up the consumer agency for another battle with the Trump White House over control of the powerful federal watchdog.

Too-big-to-fail banks keep getting bigger

Hoping to avoid another round of unpopular bailouts, financial watchdogs have forced too-big-to-fail banks to make themselves less dangerous by adding lots of capital that safeguards against losses. But regulators continue to monitor these financial institutions, creating a list of 30 "systemically important" banks that deserve extra scrutiny.

Congressman: Welcome change at top of consumer protection bureau

U.S. Rep. Randy Hultgren, R-Illinois, says the watchdog agency, created by the Dodd-Frank Financial Regulatory Reform Bill, has overstepped its mission under its current director, Richard Cordray. "The intention of those who pushed this in through the Dodd-Frank legislation was to make it a completely unaccountable bureau," Hultgren said.

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Trump likely to change watchdog agency as Cordray leaves

Richard Cordray, the aggressive first director of the Consumer Financial Protection Bureau, plans to leave the agency by the end of the month, giving President Donald Trump a chance to appoint a replacement likely to be friendlier to the financial industry. Cordray was a holdover from the Obama administration, appointed to his position in 2013 for a five-year term.

Richard Cordray, head of Consumer Finance Protection Bureau, says he’s stepping down

Richard Cordray, director of the Consumer Financial Protection Bureau, talks about mortgage protections, managing student loans and the best ways to prevent another financial crisis with USA TODAY Editorial Page writer Saundra Torry. Richard Cordray said he will step down as director of the Consumer Financial Protection Bureau, by the end of November.

House passes bill to renew flood insurance program

The House on Tuesday backed legislation that will increase flood insurance premiums for many property owners to help firm up a program under stress from ever-more frequent and powerful storms. The bill's passage was secured when sponsors made a variety of changes to accommodate lawmakers determined to protect constituents from even steeper rate hikes or from being booted out of the program altogether.

Minnesota’s cabin getaway lifestyle could come under pressure from tax reform

The portion of the House Republican tax proposal that curtails homebuying incentives appears likely to hit Minnesota harder than most states. That's because the vast majority of cabins in central and northern Minnesota are second homes, which would no longer be eligible for a deduction on mortgage interest under the House GOP tax plan that was unveiled Nov. 2. Senate Republicans last week unveiled a different tax reform plan that makes no change to mortgage interest deductions.

Voices Reform plans are up in the air – ” and so are tax pros

As it has so often in the past, Congress is making the end of the year difficult for accountants and tax practitioners, dragging tax legislation out to the last minute with a maximum of confusion and a minimum of advanced warning. The simultaneous release on Thursday of the Senate's proposals for tax reform and the House Ways and Means Committee's markup of an earlier House bill may bring the tax reform process closer to some kind of end, but they provide few, if any, actionable items for tax professionals to bring to their clients, and in fact may end up threatening the entire reform effort.

In high-tax states, worries about pain from GOP tax plan

Homeowners in high-tax states like New Jersey, where a modest house within commuting distance of New York City can easily carry property taxes of over $15,000 a year, are wondering whether the Republican bill being sold as a tax cut would actually result in higher bills for them. At issue are provisions that would end deductions for state and local sales and income taxes and would cap the property tax deduction at $10,000.