HousingWire December 5, 2017: Senate Banking Committee introduces repeal of Dodd-Frank Act
The Senate Banking Committee will begin its markup today of a bill that would roll back the Dodd-Frank Act. Experts see it as a dangerous step. The Center for Responsible Lending, the National Community Reinvestment Coalition and the National Consumer Law Center all oppose the bill.
“This legislation puts out a welcome mat for the return of poisonous financial practices,” CRL Senior Legislative Counsel Yana Miles said. “This poses a threat to all Americans, especially those in low-income communities and communities of color. It also drastically reduces data collection requirements that are essential for serving credit-worthy borrowers in underserved areas,” she said. “We’ve seen this movie before. It doesn’t end well for Main Street.”