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
Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

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.

A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

CFPB Weighs Title Insurance Changes

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

Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

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

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."