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Banks push to be excluded from Dodd-Frank Act

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Mortgage Professional America | 25 Mar 2015, 08:06 AM Agree 0
A bank coalition says regional banks didn't cause the systemic financial crisis of 2008 and that they shouldn't be regulated like the large Wall Street banks that did.
  • Pat Anderson | | 25 Mar 2015, 10:31 AM Agree 0
    I didn't cause it either and want to be excluded from all Dodd Rank regulations too.
  • Viva la Revolucion | | 25 Mar 2015, 12:17 PM Agree 0
    What the small banks fail to realize is that Dodd Frank and the CFPB were designed to run them out of business, and drive all the mtg. business to the "TBTF" banks whose lobbyists they paid to write the legislation, and was passed into law without anyone reading it, and the director of the CFPB was unconstitutionally "recess" appointed, which congress has no spine (let alone desire or incentive) to dismantle. Good luck with that, it's not only not a level playing field, it's a corrupt one to boot.
  • Cheryl M | | 25 Mar 2015, 02:36 PM Agree 0
    Well said Viva! While there many are flaws in Dodd Frank no one seems to be able to fix it starting in small segments and so forth. The CFPB on the other hand from personal customer experiences does work for the consumer (from what I have seen) Though their cfpb "system" needs more transparency (said before) I do not believe the cfpb is driving the small banks out, but evening out the playing field. Think of the Cfpb as a mini arbitration forum for the consumer against those TBTF banks. If you look at the numbers in small doses the cfpb is working. BUt, where are those small doses of fixes in the Dodd Frank Act? The last fix for the cfpb is to provide more transparency in the process of communicating to the consumer the status of an individual complaint. So far, from my experience consumers still do not understand the process and potential value of the cfpb "System" hence, still making them the "Bad Guy." Additionally, the Supreme Court Justices ruled the CFPB appointment was not unconstitutional. Sorry.
  • PR | | 25 Mar 2015, 04:16 PM Agree 0
    Cheryl, The CFPB itself is unconstitutional due to how it's funded. And the Supreme Court gets many things wrong. They always have.
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