Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

President Donald Trump signs executive order to rein in Wall Street reform law, CFPB

02/03/2017

Download PDF

Earlier this week, the Consumer Financial Protection Bureau (CFPB) fined real estate brokers and lenders $4 million.

Today, the future of the agency is up in the air, with President Trump taking a step towards rolling back the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, according to media reports.

The President will sign an executive order today asking the Treasury secretary to work with regulators to determine how the administration can fix issues with rules issued under Dodd-Frank, a White House official said, according to Reuters. Trump will also sign another executive order to halt a Labor Department rule designed to reduce conflicts of interest among stock brokers, the official reportedly said.

What did Dodd-Frank do?

Enacted in response to the Great Recession, Dodd-Frank created new financial regulation along with several new government enforcement agencies.

These agencies include the Consumer Financial Protection Bureau (CFPB), which is tasked with preventing predatory mortgage lending and enforcing anti-kickback laws, among other rules.

The argument for repeal or rewriting

Dodd-Frank has frustrated some in the business community, who argue the law is overly restrictive and that the CFPB has enforced regulation in a draconian manner.

Reuters notes that Trump described Dodd-Frank “as a disaster” earlier this week, and that, by seeking to pare back the law, the president is delivering on a campaign promise.

“There are quite a few things that we could do on Dodd-Frank … that we think will have fairly immediate and dramatic impact,” the White House official said, according to Reuters.

That could include shaking up the personnel at regulatory agencies or more executive orders, the official said, Reuters reported.

CFPB and GSEs Richard Cordray

Richard Cordray

Forbes reported that it looks like Trump will try to replace CFPB head Richard Cordray as a first step towards “neutralizing” the CFPB.

White House National Economic Council Director Gary Cohn told the The Wall Street Journal that the Treasury Department would seek to revamp government-controlled Fannie Mae and Freddie Mac, which keep mortgage rates for many homebuyers.

He also told WSJ that rolling back mortgage rules won’t encourage the proliferation of high-risk mortgages. That’s because, he told WSJ, those loans can’t be packaged into bonds and sold like they were before the financial crisis because the market for those products has changed.

Email Teke Wiggin.

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

  • Buy and build with Welcome Homes’ online new construction platform

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Managing buyer expectations in a seller’s market

    I began my real estate career in 2000. And if you had told me then about the luxury market we have t...

  • MailMatic wants to be in your 2021 marketing plans

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

January 2023
Mon Tue Wed Thu Fri Sat Sun
 1
2345678
9101112131415
16171819202122
23242526272829
3031  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...