A New Dodd-Frank Rewrite is Being Pursued – NMP Skip to main content

A New Dodd-Frank Rewrite is Being Pursued

Jul 17, 2015
Bipartisan

A new bipartisan push is underway in the U.S. Senate to revise an effort at upgrading the Dodd-Frank Act.

Sen. Mark Warner (D-VA) told the audience at a breakfast meeting sponsored by Bloomberg News that Democrat and Republican senators are now discussing efforts to rewrite legislation that was put forward by Sen. Richard Shelby (R-AL), chairman of the Senate Banking Committee. Shelby’s proposed legislation, which would enable several major financial institutions from being free of the Dodd-Frank Act’s requirements on supervision and capital requirements, was advanced by his committee in May in a 12-10 vote that was divided along partisan lines, and Warner stated it had no chance of passing the full Senate.

“I like Dick Shelby,” Sen. Warner said. “Shelby is a friend of mine. I’ve traveled with Dick Shelby. The way he put together this bill was not serious.”

Sen. Warner added that he would be open to considering the termination of some Dodd-Frank regulations, including the current oversight threshold for regional banks.

“We all agree that $50 billion is probably the wrong number,” Sen. Warner said. “I think it’s less about asset size and more about business product size.”

About the author
Published
Jul 17, 2015
Insuring The Risk To Lenders At Closing

Traditional protections like title insurance and closing protection letters may leave lenders exposed to significant settlement, funding, and fraud-related losses

CHLA Uses Trump Mortgage Order To Renew Push For LO Comp Reform

Community lenders want more flexibility over employee compensation, closing-cost estimates, down payment assistance, and federal supervision of smaller IMBs

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place