#FridayFacts: 10 Reasons the Senate’s #DoddFrankRollBack Bill (#S2155) is Harmful to American Consumers
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#S2155 weakens rules so that a homebuyer’s income documentation no longer must be verified by most lenders, bringing back the kind of weak underwriting and unaffordable loans that were at the center of the 2008 financial crisis.Show this thread -
4.
#S2155 weakens key#DoddFrank reforms and rolls back critical consumer protections put in place following the financial crisis, including mortgage rules, appraisal and escrow rules, and data collection requirements that help to illuminate discriminatory lending practices.Show this thread -
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#S2155 raises the threshold at which banks would be subject to enhanced supervision and prudential standards from $50 billion in assets to $250 billion in assets. Less bank supervision will only set the stage for our next financial crisis.Show this thread -
6.
#S2155 rolls back certain stress testing requirements for the largest and “global systemically important” banks, like repeat bad actor#WellsFargo.Show this thread -
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#S2155 exempts or weakens enhanced standards for other large banks. Collectively, these banks hold about $16 trillion in assets. Many institutions that required emergency gov interventions to prevent their failures from harming the rest of the economy would be excluded.Show this thread -
8.
#S2155 guts capital requirements for dozens of banks, a safeguard to prevent bank bailouts.Show this thread -
9.
#S2155 exempts many banks from a living will mandate, which would outline a plan for a rapid and orderly resolution in the event of a bank’s failure and ensure their failure doesn’t destabilize the financial system.Show this thread -
10. Conclusion:
#S2155 simply repackages harmful provisions from Chairman Hensarling’s#WrongChoiceAct. It must not become law.Show this thread
End of conversation
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