Senate Committee Advances Bill to Deregulate Financial Services Industry

Dec 06, 2017

Mortgage Bankers Association (MBA) President and CEO Robert Broeksmit acknowledged and defended a news report that he successfully lobbied Treasury Secretary Steve Mnuchin

The Senate Banking Committee has advanced the Economic Growth, Regulatory Relief and Consumer Protection Act, S. 2155, with a bipartisan line-up of 16 committee members supporting the legislation designed to roll back some of the regulations introduced in the Dodd-Frank Act.

In a statement issued by Sen. Mike Crapo (R-ID), the committee’s chairman, the bill will “modernize regulations in a way that makes sense for small financial institutions, benefitting consumers and encouraging economic growth.” Crapo added that smaller regional banks, community banks and credit unions will be the primary beneficiaries.

“The reforms in this bipartisan bill help tailor the current regulatory landscape, while ensuring safety and soundness and relieving the burden on American businesses that are unfairly being treated like the largest companies in our economy,” Crapo said. “This bill holds real promise for Main Street banks, businesses and families.”

Eight Democrats and one Independent joined the committee’s Republicans in co-sponsoring the bill. But Sen. Sherrod Brown (D-OH), the committee’s ranking member, opposed it.

“This bill does make a number of small changes for consumers, and perhaps there more will be adopted,” Brown said. “Here’s the key difference: the banks will be saving real money, but what about working people? There’s nothing to help people with record high levels of student loan debt; nothing to help those with underwater mortgages; and nothing to help workers who are struggling to get by. Some 60 percent of Americans have seen their wages decrease on a real basis since 2006.”

David H. Stevens, President and CEO of the Mortgage Bankers Association, offered his support of the legislation.

“The mortgage related provisions of this bill provide important relief to the housing market by addressing key regulations including HMDA and the TILA/RESPA integrated disclosure,” Stevens said. “We are also glad that the bill amends the SAFE Act to provide increased job mobility for loan originators, and includes language addressing concerns with PACE lending. We now look forward to working with other policymakers as this legislation advances to the full Senate.”

About the author

Phil Hall

Link copied

Published

Dec 06, 2017

Analysis and Data

Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

The September jobs report gave the mortgage market something it hasn't had much of lately: downward pressure on Treasury yields.U.S. employers added just 29,000 jobs in September, while the unemployment rate edged up to 4.2%, according to the Bureau of Labor Statistics. The ...

Wholesale

The Loan Store Rebrands As Averra Financial

The wholesale lender is adopting a new identity three years after acquiring Homepoint’s wholesale business and rising to No. 4 in industry rankings

The Loan Store has a new name after a three-year expansion that transformed the once-small wholesale lender into one of the largest players in the broker channel.The Tucson, Arizona-based lender has rebranded as Averra Financial Inc., effective immediately, the company annou...

Nov

Houston, TX

More from

Analysis and Data

Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Analysis and Data

Oct 02, 2026

Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Analysis and Data

Oct 01, 2026

Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Analysis and Data

Sep 29, 2026

Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Analysis and Data

Sep 25, 2026

Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Analysis and Data

Sep 25, 2026

Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Tech

Sep 23, 2026

Popular