#FridayFacts: 10 Reasons the Senate’s #DoddFrankRollBack Bill (#S2155) is Harmful to American Consumers
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1.
#S2155 is a brazen giveaway to Wall Street & big banks that would harm consumers. Instead of helping out banks that posted record profits last year, Congress should be working to ensure that abusive financial institutions (like#WellsFargo) face real consequences.1 reply 2 retweets 4 likesShow this thread -
2. The financial crisis hit minorities the hardest. Now,
#S2155 proposes to exempt most financial institutions from a requirement to collect critical data that can be used to identify lending discrimination against African Americans, Latinos and other minority groups.1 reply 1 retweet 2 likesShow this thread -
3.
#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.1 reply 1 retweet 1 likeShow 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.1 reply 1 retweet 1 likeShow this thread -
5.
#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.1 reply 1 retweet 2 likesShow this thread -
6.
#S2155 rolls back certain stress testing requirements for the largest and “global systemically important” banks, like repeat bad actor#WellsFargo.2 replies 1 retweet 3 likesShow 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.1 reply 1 retweet 1 likeShow this thread -
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#S2155 guts capital requirements for dozens of banks, a safeguard to prevent bank bailouts.1 reply 1 retweet 1 likeShow 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.1 reply 1 retweet 1 likeShow this thread
10. Conclusion: #S2155 simply repackages harmful provisions from Chairman Hensarling’s #WrongChoiceAct. It must not become law.
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