Skip to main content

Senators Offer Different Strategies on Changing Dodd-Frank

Phil Hall
Mar 31, 2017
A pair of prominent Republican senators are offering different approaches to changing the Dodd-Frank Act

A pair of prominent Republican senators are offering different approaches to changing the Dodd-Frank Act.
According to a Reuters report, Sen. Mike Crapo (R-ID), chairman of the Senate Banking Committee, announced that he is seeking new bank reform legislation that can be forged with bipartisan support. Rather than jettison Dodd-Frank, Sen. Crapo advocated a different approach that would advance economic growth and capital formation. As for getting the bill signed into law, the senator said that his timeline was "either late this year or early next year. I'm not looking further than that."
However, Sen. Pat Toomey (R-PA) stated that he saw little chance of bipartisan cooperation on any financial reform legislation. According to a Bloomberg report, Sen. Toomey advocated revising the Dodd-Frank Act through a budgetary process called reconciliation, which can result in passage without relying on Democratic support.
“I don’t see much prospect" said Sen. Toomey about bridging partisan differences with Democrats. “We need to be willing to proceed using reconciliation."
Both senators made their remarks during a conference in Washington sponsored by the U.S. Chamber of Commerce.

Mar 31, 2017
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.

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