Friday, March 23, 2018

HOW THE ROLLBACK OF OBAMA-ERA FINANCIAL REGULATIONS COULD AFFECT YOU

Source: Realtor.com

A new banking bill won’t just impact the big banks like Chase and Wells Fargo — if it becomes law, it will impact most Americans too.

The Senate approved a bill last week that will roll back some aspects of the Dodd-Frank banking reform bill, which was passed in 2010 after the financial crisis. It will make many small and midsize banks exempt from parts of Dodd-Frank. The bill was sponsored by Mike Crapo, a Republican senator from Idaho. It will now move to the House, where it could be amended further.

Under the new rules, smaller banks (those with less than $250 billion) won’t have to participate in yearly Federal Reserve “stress tests” that determine where they’re equipped to handle economic and market downturns. Those smaller banks say they would get relief from restrictive rules and that will encourage more lending.

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