HOW DODD FRANK RULES AFFECT CONSUMERS - REGULATORY REFORM
The highly contested regulations imposed by the Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd Frank, came under additional scrutiny when House lawmakers passed a bill to start unwinding portions of the act. The passage of the Financial Choice Act on June 8th, aims to eliminate various rules that many believe have been constraining lending and financial progress in the banking and financial sector.
Known as regulations to curtail certain Wall Street activities, Dodd Frank is perceived to have hindered lending and mortgage loans since its inception following the financial crisis of 2008/2009. Another component of the original act, the Consumer Financial Protection Bureau has been greatly criticized since its enactment. Opponents to the bureau argue that it has an unaccountable process that limits the choice consumers have rather than expanding their options.
The anticipated regulatory reforms are designed to facilitate and stimulate bank loans and mortgages for businesses and homebuyers nationwide.