Recently, Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, announced that his Committee will hold new hearings to discuss the provision of the amended CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). You can’t make this stuff up! The new version, known as CHOICE 2.0 is intended to replace the controversial Dodd-Frank Act and reshape…
The current Administration is talking about making changes to modify or completely replace the Dodd-Frank Act. However, a new report out of Washington says it’s doing just fine. According to the FDIC, in the 4th quarter of 2016, banks reported profits of $45.6 billion. This is up compared to the period just after the 2008 crash of only $21.4 billion…
There’s been much speculation surrounding President Trump’s Executive Order calling for the review of Dodd-Frank. This could include anything from amendments to the rule, the elimination of the CFPB, to an outright repeal of the Act. No one really knows for sure exactly what will happen. One thing we do know is that when the order was signed by the…
The headline read: “President Trump Signs Order to Start Dismantling Dodd-Frank.” Say what? Dodd-Frank is a law passed by Congress. To dismantle it, as reported, would take an Act of Congress as well. This is not something that can be changed by any President with the stroke of a pen. So, let’s take a closer look at what the President actually…
Besides the recent ruling in the PHH case, there are other things happening with the CFPB. First, some good news. Dodd-Frank requires the CFPB to review and assess the effects of any rules implemented under the Act. Accordingly, even though it’s only been 3 years since we got the QM rule, they are already hard at work evaluating its effect…
My recent blog on the CHOICE Act talked about what’s broken in Washington, DC. Here’s a little more detail on the political wrangling that went on behind the scenes when the CHOICE Act went before the House Financial Services Committee for markup. (CHOICE) The Democrats decision to offer no alternatives or amendments to the proposals in the ACT, although unusual,…
