Who Regulates The Regulators? Ed Perlmutter – A New ARM Influencer

The power in Washington, DC is shifting . . . quickly, but the Democratic stronghold on Congressional oversight of the CFPB remains steady.  Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services recently announced new Subcommittee Chairs for the 117^th  Congress, appointing  Ed Perlmutter (CO-7) as the new Chairman of the Subcommittee on Consumer Protection and Financial Institutions (CPFI).  House Rules give this position significant influence over the CFPB and ARM industry. 

The Rules governing the House of Representatives create standing committees with defined jurisdictions.  The House Financial Services Committee (HFC)  enjoys broad jurisdiction over all “banks and banking,” “money and credit,” and “financial aid to commerce and industry,” including the ARM Industry.  Any legislation involving financial services is referred first to the Financial Services Committee for consideration.  Financial services legislation does not become law without the approval of this committee.  Powerful is the committee that oversees the nation’s financial systems. 

The CPFI Subcommittee is one of 6 standing subcommittees of the HFC, each lead a chairperson who manages subcommittee agendas.  The CPFI Subcommittee is dedicated solely to overseeing consumer protection and financial institutions, including “all matters related to the Consumer Financial Protection Bureau.”  Thus, Ed Perlmutter will serve as the Chairman of the CFPI Subcommittee overseeing the most powerful financial regulator in the nation.  That’s who regulates the regulators.