Thornberry on the reversal of progress
made on Dodd-Frank regulations
WASHINGTON- Today, the House voted on a bill that would reverse some of the progress made on rolling back burdensome Dodd-Frank regulations. Last Congress, the Administration and Congress enacted legislation to change some of the “one-size-fits-all” financial regulations on the banking industry.This legislation provided much-needed relief to community banks in fair lending laws, financial education, and the creation of a watchdog over the Consumer and Financial Protection Bureau (CFPB).
“Under Dodd-Frank, banks and credit unions are all under the same regulation – no matter the size or risk profile. The regulations made it almost impossible for mid- and small-sized banks and credit unions to operate,”said Thornberry.“To go backwards and reverse the progress we made would be a misjustice to our small communities.”
How would this bill affect you and your community banks?
This bill would take away provisions that:
Tailor regulations to the size of the financial institution
Provides relief to community banks to lend more freely and increase mortgage options for everyday Americans
Creates a level of oversight over the CFPB
CFPB was created to have a single director to levy vague regulations with no accountability
Consolidated unnecessary offices into one office of financial education to focus significantly on student loan debt