Tuesday, July 21, 2015 marks the fifth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As Dodd-Frank turns five, congress members and industry leaders examine just how effective the reform act has been within the government agencies to which it was applied.
Representative Jeb Hensarling chairman of the House Financial Services Committee, delivered a speech today at the American Enterprise Institute, discussing the where the U.S. stands with Dodd-Frank and what reforms need to be enacted for more economic growth. Democratic staff on the Financial Services Committee also placed their highly opposite opinion of the Dodd-Frank Act thus far in a new report, finding that while the Dodd-Frank Act has been successful in the face of constant Republican attack, more must be done to ensure all Americans can benefit from our nation's recovery.
The Consumer Financial Protection Bureau has finally set an official effective date for the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, after much debate and numerous industry requests to delay the rule. The CFPB issued a final rule moving the effective date to Saturday, October 3, 2015 on Tuesday.