House Votes to Drastically Change CFPB

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News, Secondary Market June 8, 2017 2,094 Views Demand Propels Home Prices Upward 2 days ago Dodd-Frank Act Financial CHOICE ACT 2017-06-08 Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago On Thursday, the House of Representatives passed a landmark bill–233 to 186–that, in its current form would dramatically change the future of financial regulation. The Financial CHOICE Act, originally introduced by Representative Jeb Hensarling (R-Texas), Chairman of the House Financial Service Committee, on April 26, 2017, significantly amends the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.In mid-April, Republicans introduced the bill, arguing that Dodd-Frank and the subsequent regulation that ensued harms economic growth and ultimately, the American consumer. According to the proposal, Dodd-Frank’s particular brand of regulatory complexity and government micromanagement made basic financial services less accessible to small businesses and lower-income Americans.The CHOICE Act is the Republican response to reforms put in place after the 2008 economic collapse. Critics of Dodd-Frank have long argued that the law is too restrictive for financial institutions, driving up the cost of compliance, a cost that is ultimately born by the public. Republicans insist that the CHOICE Act offers financial institutions of all sizes a “Dodd-Frank off-ramp,” which, is an avenue to freedom from an overly burdensome and highly intrusive regulatory regime in exchange for the institutions maintaining significantly larger capital reserves than currently required.”Yes, there are a couple of particular things where we could tighten it up, but the assault on the major set of plans is greatly mistaken,” former Rep. Barney Frank, D-Mass., said recently on Squawk Box Asia. “Any comprehensive legislation needs some changes. If the Republicans hadn’t taken over the House in 2011, with an avowed purpose to get rid of the whole thing, we would have made the changes.”The CHOICE Act purports to achieve three major policy goals:Convert the Consumer Financial Protection Bureau (CFPB) into a consumer law enforcement agency subjecting it to the congressional appropriations process;Eliminate CFPB’s supervisory authority over financial institutions and limit its power to take action against entities;Remove “Too Big to Fail,” or the Financial Stability Oversight Council’s authority to designate non-bank financial institutions and financial market utilities as “systematically important”The bill’s sponsors say the intent of the bill is to create hope and opportunity for investors, consumers, and entrepreneurs by holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit.“Supporters of Dodd-Frank promised it would lift the economy, end bailouts, and protect consumers,” Hensarling said in April. “Yet Americans have suffered through the worst recovery in 70 years, Dodd-Frank guarantees future bailouts for Wall Street, and consumers are paying more and have fewer choices. Dodd-Frank failed to keep its promises to the American people, but we will work with President Trump to follow through on his promise to dismantle Dodd-Frank. That’s not what Wall Street wants, but it is what hardworking Americans need to have a healthier economy with more opportunities so they can achieve financial independence.”Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, quipped that she calls the act the “Wrong Choice Act” because it would be extremely harmful for hardworking Americans across the country.“Let’s first talk about why we passed Wall Street reform and created the Consumer Bureau in the first place,” Waters said. “Remember the financial crisis? At the core of it, there was an epidemic of irresponsible and malfeasant behavior by financial institutions. Under-regulated predatory lenders peddled and pushed toxic subprime loans to unsuspecting borrowers. Then Wall Street packaged those loans into securities, paid credit rating agencies to rate them AAA, and made bets that they would fail. When they imploded, it sent the economy tumbling into the Great Recession.”Waters went on to say the Democrats took action to ensure that this sort of abusive behavior could never happen again by passing Dodd-Frank and creating the CFPB and the passage of the CHOICE Act would lead the country down the road to another financial crisis.“Although financial services reform was necessary in the wake of the crisis, the passage of Dodd-Frank represented an overcorrection that ushered in an overly burdensome and unnecessarily complicated regulatory scheme for the mortgage industry,” said Five Star Institute President & CEO Ed Delgado. “Now nearly a decade later, the industry has partnered with government stakeholders and adapted to the new climate at great cost. I urge congress to be mindful of the business reality and enact any common sense financial reform in an incremental fashion to ensure continuity for the American Consumer.” Related Articles Sign up for DS News Daily About Author: Brianna Gilpin Share Save Tagged with: Dodd-Frank Act Financial CHOICE ACTcenter_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: Secretary Carson Defends HUD Budget Proposal Before Housing Subcommittee Next: JPMorgan Chase to Undergo Leadership Changes The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / House Votes to Drastically Change CFPB The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago House Votes to Drastically Change CFPB Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] last_img read more

Hard brexit WILL harm the housing market, say industry leaders

first_imgHome » News » Housing Market » Hard brexit WILL harm the housing market, say industry leaders previous nextHousing MarketHard brexit WILL harm the housing market, say industry leadersAs parliament prepares to vote on Brexit, a survey of developers and estate agents takes a sounding on how the industry thinks Brexit will affect sales, lettings and construction.Nigel Lewis10th December 201802,176 Views Nearly 60% of estate agents believe a hard Brexit will reduce transactions in the housing market next year, a survey has revealed.Research by property firm MRI Software, which canvassed a wide range of property professionals, also found that nearly half of estate agents thought leaving the EU without a deal would ‘seriously’ restrict the ability of developers to access finance to back projects, although over two thirds said a soft Brexit would see house building continue at normal levels.A quarter of all industry professionals including agents and developers believe Brexit will be damaging to the housing industry whether it is hard or soft, although developers take a less gloomy view compared to agents.Most letting agents told MRI Software that leaving the EU would have little or no effect on the rental market including on demand or rents.“This is an industry that has seen more than its fair share of ups and downs and, once the new market environment is established, it will be moving forward and looking to take advantage of openings,” says from Dermot Briody, Executive Managing Director, Europe at MRI Software.“The survey reveals confidence among senior property professionals that the industry can ride out Brexit, reflecting a generally positive outlook that it can find opportunities amid market disruption.”MRI Software, which bought Reading based UK property software firm CML this year, interviewed 144 CEOs and senior managers within the industry including developers, consultants, property managers and sales and letting agents.Interviewees were also asked about the future of the high street, and three quarters said that both residential redevelopment and co-working spaces were likely to replace retail over the next 18 months to two years.MRI software Brexit Dermot Briody December 10, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Farmhouse Fare revamp includes TV sponsorship

first_imgPremium pudding supplier Farmhouse Fare has unveiled a £2m marketing package, including new packaging and a new TV sponsorship deal.The new packaging designs, which have been developed over the past six months, feature products from mixing bowl to dessert bowl, and give details of the story behind the six-year-old company.Farmhouse Fare is also sponsoring the new six-week series of The Royal, an ITV spin-off from Heartbeat, based in a hospital, which runs from 16 September.Farmhouse Fare-sponsored slots at the start of and during episodes will show a family with a jovial dad eating Sunday lunch.The company, based in Clitheroe, Lancashire, has also added two flavours to its pudding range: Luxury Sticky Gingerbread and Treacle Pudding and Luxury Rocky Road.Farmhouse Fare now supplies a host of multiples, including Aldi, Asda, Booths, Wm Morrisons, Sainsbury’s, Selfridges, Tesco and Waitrose.last_img read more