Dismantling Dodd-Frank, High Cost Loan Test Changes

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Posted To: MND NewsWire

Last year Congress failed to pass a sweeping bill repealing much of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act. It appears they have now adopted a strategy to take smaller bites from the 2009 law enacted in response to the financial crisis. Last week, the Republican majority succeeded in getting a much less ambitious bill through the House. HR 1153, the Mortgage Choice Act, is now awaiting action in the Senate after a 280 to 131 roll-call vote in the lower chamber. To call the new bill less ambitious is an understatement. HR 10, the Financial Choice Act, introduced in February 2017, attempted to eliminate many of Dodd-Franks’ “too big to fail” provisions, change the name and the structure of the Consumer Financial Protection Agency, alter the rule-making authority…(read more)

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