Skip to main content

A New Dodd-Frank Rewrite is Being Pursued

Phil Hall
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.”

Published
Jul 17, 2015
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Community
Oct 08, 2021
Battling The ‘Giant Purple Snorklewacker’

The confirmation of Rohit Chopra as CFPB director has the mortgage industry anxious, but former MBA CEO David Stevens offers some advice: follow the rules.

Regulation and Compliance
Oct 08, 2021
The Compliance Contradiction

Staunch compliance stances often lead to contradictory actions.

Regulation and Compliance
Oct 06, 2021