The bill rolls back parts of the Dodd-Frank banking rules and valuable fair lending protections enacted after the 2008 financial crisis
Fair-lending enforcement would not happen in earnest until years after the Fair Housing Act, not until the Community Reinvestment Act of 1977 required financial institutions go on record about what they considered their market area. The law intentionally created a conundrum for any institution that was redlining: How could it accept deposits from customers to whom it was unwilling to lend?
Bank regulators have not even proposed a plan yet for overhauling the Community Reinvestment Act, but stakeholders likely to weigh in on the plan are already establishing battle lines.
Memories of those difficult days seem to have faded from the public consciousness, as have the lessons we learned on how we got there in the first place.
This week, the U.S. Senate marked the anniversary of the Great Recession by pretending it never happened. Instead, it passed a hurtful plan to roll back consumer protections, including bank data reporting requirements put in place to prevent another financial collapse.
After the Senate passed its Dodd-Frank reform bill Wednesday night, sending it to the House to be voted on, experts began to voice their opinions of the bill – but no one agrees.
A delicately crafted deal, which makes targeted reforms of Dodd-Frank but leaves the law’s basic frameworks in place, may not be enough to satisfy GOP members in the House.
The Senate on Wednesday passed sweeping changes to a swath of rules adopted in the wake of the 2008 financial crisis.
As it heads to the House, the Senate deal still faces a somewhat uncertain path, and larger questions on the size of banks’ regulatory burden remain.