Skip to main content

Trump Signs Dodd-Frank Rollback Into Law

Phil Hall
May 24, 2018
President Trump signed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, into law this afternoon during a White House ceremony

President Trump signed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, into law this afternoon during a White House ceremony.
“This is all about the Dodd-Frank disaster,” the President said while flanked by members of Congress. “And they fixed it, or at least have gone a long way toward fixing it.”
The President praised the legislation for reversing “the crippling Dodd-Frank regulations that are crushing community banks and credit unions nationwide. They were in such trouble. One-size-fits-all—those rules just don’t work.”
Trump added that “Dodd-Frank’s complex and costly regulations gave large banks an unfair competitive advantage at the expense of neighborhood banks all over the country. Since Dodd-Frank’s passage just eight years ago, 20 percent of small banks have been put out of business—they’ve disappeared—while banks that were considered ‘Too Big to Fail,’ we’ve heard that many times, ‘Too Big to Fail,’ had the resources to comply with Dodd-Frank’s brutal maze of costly regulations.”
The President also commended the new law’s sections on strengthening protections against identity theft, expanding “crucial financial access to low-income and minority communities,” and guaranteeing “that educational and job-training opportunities are available to more families in need.” He also took a shot at one of his favorite targets, to the amusement of the legislators gathered at the ceremony.
“Today’s legislation is the next step in America’s unprecedented economic comeback,” he added. “There’s never been a comeback like we’ve made. And one day, the fake news is going to report it.”
Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney said, "I applaud my former colleagues in Congress for coming together to pass the most significant financial reform legislation in recent history. This new law will improve consumers’ access to credit, reduce regulatory burdens on credit unions and community banks, and fuel economic growth and job creation across the nation."

May 24, 2018
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021