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The end of the Dodd-Frank Act?

Valued Contributor

The end of the Dodd-Frank Act?

Debt collectors who refuse to identify themselves. Banks that aggressively upsell unwanted credit cards. Mortgage brokers who disregard borrowers' ability to repay loans. Financial advisers who pitch high-fee annuities.

These are some of the financial industry players who have been in the crosshairs of the Consumer Financial Protection Bureau and the law that enacted the bureau's enforcement powers, the Dodd-Frank Wall Street Reform and Consumer Protection Act.

President Trump, who has high-profile Wall Street bankers working as his top aides, has been clear about his intent to roll back Dodd-Frank's regulatory reach and the CFPB's independence.

 

6 REPLIES
Established Contributor

Re: The end of the Dodd-Frank Act?


vanillabean wrote:

Debt collectors who refuse to identify themselves. Banks that aggressively upsell unwanted credit cards. Mortgage brokers who disregard borrowers' ability to repay loans. Financial advisers who pitch high-fee annuities.

These are some of the financial industry players who have been in the crosshairs of the Consumer Financial Protection Bureau and the law that enacted the bureau's enforcement powers, the Dodd-Frank Wall Street Reform and Consumer Protection Act.

President Trump, who has high-profile Wall Street bankers working as his top aides, has been clear about his intent to roll back Dodd-Frank's regulatory reach and the CFPB's independence.

 


 Like most "sweeping legislation," I think that Dodd-Frank could certainly use some adjustments to address some of the unintended consequences of the Act.

 

 For example...  The Act has led to increased violence and poverty in places like the Congo because of the "conflict minerals" rule.  That is a bad thing.  It also required fiduciaries to act in the best interests of their clients.  That is a good thing (if properly defined).

 

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Established Contributor

Re: The end of the Dodd-Frank Act?

My issue with Dodd-Frank is the heavy regulation in compliance and reporting.  Some companies, especially banks, have to hire thousands of employees just to "check a box".    So teh eliminate of waste is aways a good thing.

 

There are a few items that are good for the economy but overall Dodd-Frank is outdated and needs to go.

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Established Contributor

Re: The end of the Dodd-Frank Act?

Well I agree that some provisions of the act could use a rework overall I think it's good.

As far as outdated, seriously it's not even 7 years old! It hasn't even been around long enough to see some of the effects.

Maybe the term outdated was just hyperbole.
Established Member

Re: The end of the Dodd-Frank Act?

Yesterday this got closer to reality. According to ABC News:

 


A House panel on Thursday approved Republican-written legislation that would gut much of the Dodd-Frank law enacted by Democrats and signed by Obama in the wake of the financial crisis and the Great Recession. The party-line vote in the Republican-led House Financial Services Committee was 34-26.

 

Valued Contributor

Re: The end of the Dodd-Frank Act?

Here is an article with a little bit more context about the changes being pushed:

http://www.nbcnews.com/business/consumer/why-republicans-want-declaw-nation-s-consumer-financial-wat...

 

Established Contributor

Re: The end of the Dodd-Frank Act?

While the Act isn't perfect, non are, maybe it should be examined and amemded . I am sure there are folks on this board that has used to report CRA's to CFPB for mishandling of their reports. I have learned since the great recession to read my terms(it sucks but at least I know what I am getting into). Just my 2 cents.