Imagine it is the mid of the month and you need some money and your salary has all been spent in mortgages and bills. Cash advance loans to your rescue. These are the loans taken for very short period and are payable on your next payday. Easily available, these loans are beneficial as well as have some disadvantages.
After the election of Donald Trump in Oval office, the speculation has been rife regarding the financial services and their regulations. Experts such as bank lawyers and analysts are deeming the changes in the finance arena.
As Mr. Donald Trump has already stated that he will look to dismantle the Dodd-Frank Act with his financial services team but on the other hand Charles Schumer, the incoming Senate Minority Leader says that he has votes to block the repeal of the law. This is the most distinct sign of impetuous disagreement over few issues, case in point Dodd-Frank Act.
The other signs of the clash come from different parties such as political rivals. Senator Elizabeth Warren is the force to look out for. The number of democrats supporting her would give a clear indication if the whole senate would be united in opposition to the administration. Above mentioned are the views of Eric Mogilnicki, who is a partner with Covington & Burling in Washington. The short term signals to watch for financial reforms are-
FED vice chair position–
The empty position of Vice-chair for supervision at Federal Reserve was made by the Dodd-Frank Act but was never filled. If it is filled now, it would mean that even the other rules of the act are questionable, says Ed Mills who is a financial institutions analyst with FBR & Co. He further says that this move means to nominate Fed Governor Daniel Tarullo’s boss who was in effect looking after the functioning of the empty position.
Everyone will be looking for authoritative voice on what will happen and how. Not only the key position but also the low-tier appointees might play a huge roles and important roles.
People want to know the next authority figure in the finance arena. But they are asking in hushed tones. Mills says that the Republicans might play a bigger role than previous congresses. As the President has not articulated the policies clearly, it is very much possible that others will spell out the agenda. Republican congress has well-articulated policy positions which suggests that they will have the power of influence.
Energy & infrastructure boost–
Financial regulatory reform in itself might not be a priority but infrastructure and energy sectors will need these reforms for their growth, thus it will be introduced as a way to speed investment says Margaret E. Tahyar, a partner in New York with Davis Polk’s financial institutions group. She also said that Republican coalition needs to deliver growth and jobs in heartland which invariably means to free up the banking and financial services to make investments in infrastructure, energy, and small and medium-sized businesses.
Consumer Financial Protection Bureau, which is a brainchild of Elizabeth Warren is also being followed closely as it has asked federal appeals court to rehear October ruling. Right now President could remove CFPB director Richard Cordray anytime. Including other things CFPB can expedite big enforcement cases which are close to be finalized.
DOL fiduciary rule-
Department of Labor’s fiduciary rule is also something which has everyone’s eyes on it, if it is delayed as is expected of President Trump that means financial services policy is in full play. This suffices to say that the future of cash advance loan is uncertain.
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