Items Tagged with 'Dodd-Frank'


"A good day for democracy" or a "reckless decision": Mortgage industry reacts to watershed PHH-CFPB ruling

Reaction from all sides to Court of Appeals decision
While it’s too early to know the full impact of the United States Court of Appeals for the District of Columbia Circuit’s decision to rule the structure of the Consumer Financial Protection Bureau unconstitutional and vacate a $103 million fine against mortgage lender PHH, opinions from all sides are pouring in on just what the court’s decision could mean for housing and for the financial services industry as a whole.
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PHH wins landmark victory: CFPB ruled unconstitutional

Mortgage lender triumphs over CFPB in fight over $103 million fine
What was once unthinkable actually happened, as the United States Court of Appeals for the District of Columbia Circuit handed an earth-shattering victory to PHH, declaring the Consumer Financial Protection Bureau’s leadership structure unconstitutional and vacating a $103 million fine against PHH.
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FBR: Wells Fargo's next move is critical, for the bank and for the industry

CEO John Stumpf to face grilling on Capitol Hill
What happens over the next few days will go a long way in determining how Wells Fargo, and the banking industry as a whole, will weather the storm currently swirling around the megabank from the “widespread unlawful” practices of more than 5,000 former employees who opened more than 2 million fake accounts in order to get sales bonuses.
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Wells Fargo fake accounts fiasco proves big banks don't learn

$185 million fine erases goodwill earned by industry since the crisis
For many people, their trust in the country’s financial system was broken (perhaps irreparably so) by the financial crisis. In the aftermath, the financial services industry needed to take steps to repair that broken trust. But the $185 million fine levied against Wells Fargo for opening up two million fake accounts shows that the financial industry still hasn’t learned its damn lesson.
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Congress set to consider Republican plan to abolish Dodd-Frank

House Financial Services Committee will debate Financial CHOICE Act next week
House Financial Services Committee Chairman Rep. Jeb Hensarling, R-TX made waves earlier this year when he announced a Republican-crafted plan to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act and replace it with a “pro-growth, pro-consumer” alternative. Now, the Financial CHOICE Act is about take one step closer to becoming reality.
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Wall Street Journal editorial lauds Republican plan to abolish Dodd-Frank

"Regulators are no better than bankers"
Count the Wall Street Journal editorial board among the supporters of the Republican-crafted plan to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. In an editorial published on Sunday, the Wall Street Journal editorial board calls the Republican plan a "promising idea" that would "promote economic growth and protect taxpayers"
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Kashkari: Higher capital regs could hurt economy

Lending may be further restricted
The Federal Reserve Bank of Minneapolis president thinks that regulators should take caution, or they could give nonbanks the upper-hand. According to Kashkari, high capital requirements could cause banks to restrict lending and hurt the economy.
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