Regulation and Compliance

McConnell: “I’m Not Optimistic” on Dodd-Frank Overhaul

May 17, 2017
Senate Majority Leader Mitch McConnell (R-KY) appeared to dampen hopes for a Dodd-Frank Act overhaul, blaming a lack of bipartisan support for such an effort

Senate Majority Leader Mitch McConnell (R-KY) appeared to dampen hopes for a Dodd-Frank Act overhaul, blaming a lack of bipartisan support for such an effort.
 
“I’d love to do something about Dodd-Frank, particularly with regard to community banks, but that would require Democratic involvement,” said Sen. McConnell in an interview with Bloomberg News. “I’m not optimistic.”
 
Sen. McConnell added that he discussed potential changes to the 2010 legislation with Sen. Mike Crapo (R-ID), the chairman of the Senate Banking Committee, who stated that Democrats were not interested in doing any legislative rewrites.
“So far, my impression is the Democrats on the banking committee believe that Dodd-Frank is something akin to the Ten Commandments,” Sen. McConnell added.
 
Sen. Sherrod Brown (D-OH), the ranking member of the Senate Banking Committee, appeared to affirm his Kentucky colleague’s observation in a press statement. “The Senate Republican leader seems to have forgotten the harm Wall Street’s greed and reckless behavior caused to millions of working families and taxpayers,” Brown said. “If this were really about community banks, we might have come to an agreement years ago. Republicans are once again using them as leverage to help a rogue’s gallery of special interests.”
 
About the author
Phil Hall
Link copied
Published
May 17, 2017
Get the NMP Daily
People On The Move
Figure Technology Solutions Names Michael Tannenbaum New CEO

Founder and former CEO, Mike Cagney, assumes the role of executive chairman.

Figure Technology Solutions (FTS), parent company of five-days-to-close HELOC originator, Figure Lending, announced today the appointment of Michael Tannenbaum as chief executive officer (CEO) and a member of the Board of Directors. Co-founder and previous CEO of the company...

Continue reading
Analysis and Data
Monthly, Yearly Jump In New Home Sales In March

The growth coincides with roughly a quarter of builders saying they cut prices last month.

Sales of newly built, single-family homes in March jumped 8.8% month-over-month, reaching a seasonally adjusted annual rate of 693,000 units compared to February's revised 637,000 units, according to data released jointly today by the U.S. Census Bureau and the Department of...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Regulation and Compliance
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

Regulation and Compliance
Apr 11, 2024
A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

Regulation and Compliance
Apr 11, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Regulation and Compliance
Apr 10, 2024
Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Regulation and Compliance
Apr 10, 2024
Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Regulation and Compliance
Apr 04, 2024
Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.

Regulation and Compliance
Apr 03, 2024