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Tag Archives: Dodd-Frank Act

House Votes to Drastically Change CFPB

The Financial CHOICE Act, originally introduced on April 26, 2017 by Representative Jeb Hensarling (R-Texas), Chairman of the House Financial Service Committee, passed the House of Representatives on Wednesday. The CHOICE Act is the Republican response to reforms put in place after the 2008 economic collapse. The bill significantly amends the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

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Under the Microscope – How Effective are QM Rules?

Nearly a decade after the housing crisis in 2008 and the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, the Consumer Financial Protection Bureau will soon be required by law to examine the Ability-to-Repay/Qualified Mortgage Rule and assess the rule’s effectiveness. With the housing market having bounced back since the crash, will some of the rule’s guidelines be amended? What could this mean for borrowers and mortgage professionals?

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Bills Seeking Regulatory Relief for Main Street Are Receiving Bipartisan Support

“Throughout this Congress, we have seen examples and heard testimony about how regulatory impediments prohibit job creation, cause consolidation of community financial institutions, and decrease choices for consumers,” said Randy Neugebauer, Chairman of the Subcommittee. “Some of the proposals we have already considered have received bipartisan support.”

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House Committee Examines Dodd-Frank’s Impact On American Prosperity

Wallison presented a chart that compared recovery from the financial crisis of 2008 with that of previous crises and noted that from 2009 until the passage of Dodd-Frank in July 2010, economic recovery was on the same pace as previous recoveries. He contended that recovery began to slow down when Dodd-Frank was signed into law.

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Analysts Estimate Monetary and Paperwork Costs Imposed by Dodd-Frank

The Home Mortgage Disclosure Rule is one of the rules that is still pending; AAF estimates it will impose another $2.1 billion in final rule costs to go with 90,000 paperwork hours. The rule was originally scheduled to go into effect on August 1, but the CFPB announced this date would be pushed back due to an "administrative error"; the new proposed effective date is October 3.

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House Committee Schedules Hearings Marking Anniversary of Dodd-Frank

The first hearing, titled "Dodd-Frank Five Years Later: Are We More Stable?" will begin Thursday, July 9, at 10 a.m. Eastern time. The second hearing, titled "Dodd-Frank Five Years Later: Are We More Prosperous?" is scheduled for July 28. The date of the third hearing in the series, titled "Dodd-Frank Five Years Later: Are We More Free?" will be announced later, according to the Committee.

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