Housing Wire, March 15, 2018: Senate’s passage of Dodd-Frank reform: Needed relief or the beginning of the end?
Some experts claim this bill, the Economic Growth, Regulatory Relief and Consumer Protection Act, will bring common sense regulatory relief.
But the National Community Reinvestment Coalition, which works with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business, cautioned strongly against the bill.
“The Congressional Budget Office has already reported that this bill increases the risk of bank bailouts and provides relief for banks already bailed out in the Great Recession,” said NCRC President and CEO John Taylor. “I am afraid allowing financial institutions to circumvent rules with this new bill is an open invitation to the banks to resume their risky business. That will create new risks for borrowers and our entire financial system.”