As a footnote to the following article, I was on a plane to the IMN conference on 1/18/17. Much to my surprise one of the passengers was Congressman David Schweikert of Scottsdale. Mr. Schweikert sits on the House Financial Services Committee.
As soon as the seat belt sign was off, I jumped at the opportunity to ask the Congressman two brief questions relating to The Dodd-Frank revisions/repeal.
Question#1–will the CFPB go away
Answer –no way
Question #2 -will the 3 limit be revised to 24, meaning the # of seller financied transactions an indivdual can have in a 12 month period.
Answer – Absolutely. This will happen in late 2107.
Thank you Congressman Schweikert for all your help. You are a friend to the real estate community.
As the Trump presidency takes hold, the debate over Dodd-Frank is growing. President Donald Trump has promised to dismantle the banking reform act. Fed Chief Ja
net Yellen has promised to defend it. Congress has the power to change it. And, the battle has already begun.
The House just passed an amendment to the Dodd-Frank Act that could be the beginning of its unraveling. Although this bill isn’t expected to pass in the Senate during President Obama’s final days, it provides a glimpse of the fight ahead, under a Trump administration.
The amendment that passed would change the way that federal regulators determine how important a bank is to the stability of the nation’s financial system, and how much oversight they should get. Banks that are determined to be crucial, or “too big to fail,” are called “systemically important financial institutions” – or SIFIs.
The threshold for oversight has been an ongoing debate by those who say the regulations are unreasonably harsh on smaller banks. Even the act’s co-author Barney Frank says it should have been more lenient toward smaller banks.
Possible change in oversight
The just-passed bill would change the current threshold for stricter oversight from $50 billion in assets to one that is determined on a case-by-case basis. The Financial Stability Oversight Council would be in charge of making that determination.