Access to Lending

In response to the market collapse of 2008, the federal government passed a massive 2,300 page piece of legislation that cemented many of the problems that caused the crisis to begin with. The so-called Dodd-Frank legislation instituted more federal regulation and oversight and institutionalized “too big to fail” policies that force taxpayers to bail out large financial firms. The regulations imposed by Dodd-Frank are destroying local community banks and therefore local access to lending for consumers looking to buy houses. The “big banks” and large lending institutions are bigger than they have ever been.

Not only is Dodd-Frank rewarding risky behavior and bad actors, it is also hitting smaller banks with thousands of pages of new regulation that raise lending costs and restrict credit options. Dodd-Frank also created the Consumer Financial Protection Bureau (CFPB) with unchecked regulatory power that has increased litigation and shrunk the availability of credit.

The catastrophic failure that is Dodd-Frank must be repealed. Returning to a free and properly functioning market will empower lending institutions to provide an abundance of loans to Americans with the resources to pay them back. With home buyers gaining more access to credit, real estate agents will be in a better position to sell houses for the long term.

Briefs

Replacing Dodd-Frank: The Financial CHOICE Act

Background: In response to the financial crisis of 2007-08 and the Great Recession, Congress rushed through Dodd-Frank under the guise of “consumer protection.” This law…

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Repealing Dodd-Frank

The collapse of the housing bubble in 2008 triggered a deep recession from which the market is just now recovering. The bubble was fed by…

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Repeal the Consumer Financial Protection Bureau (CFPB)

Background: In response to the financial crisis of 2007-08 and the Great Recession, Congress misguidedly passed the Wall Street Reform and Consumer Protection Act, commonly…

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Blog posts

Congress is Set to Protect Consumers from the CFPB

By Norbert Michel, Director of the Center for Data Analysis at The Heritage Foundation It’s one of the most controversial components of the 2010 Dodd-Frank Act, but it…

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This Official Had the Spine to Stand Up to the Powerful CFPB. Congress Should Follow His Le

By Diane Katz, Heritage Foundation Senior Research Fellow in Regulatory Policy Three cheers for Keith Noreika, the acting comptroller of the currency, for having the chutzpah…

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Real Estate Professional Legislative Strategy Call 07/13/17

Yesterday, conservatives working in the real estate industry all came together for our monthly Legislative Strategy Call. During the call, we heard from Heritage Action’s Wesley Coopersmith, Policy…

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Congress Should Use Congressional Review Act to Strike Down Ill-Advised Arbitration Rule

By Alden Abbott, Deputy Director of the Edwin Meese III Center for Legal and Judicial Studies at The Heritage Foundation On July 10, the Consumer…

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Congress Must Roll Back CFPB’S Costly Arbitration Rule

Washington — Earlier this week, the Consumer Financial Protection Bureau (CFPB) issued a new rule intended to ban financial service providers (banks, credit card companies, small…

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Undoing the CFPB’s Damage: The Trump Administration’s Options Are Limited

By Norbert Michel, Heritage Foundation Financial Regulations Expert Representation, rule of law, and separation of powers—these concepts are central to the American system of constitutional…

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The Trump Administration Should Not Rest While Waiting For Congress to Cut Dodd-Frank

By Norbert Michel, Heritage Foundation Financial Regulations Expert Shortly after his inauguration, President Trump pledged that his Administration would “be cutting a lot out of…

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What the Treasury’s New Recommendations Would Mean for Financial Reform

By Norbert Michel, Heritage Foundation Financial Regulations Expert This week, in response to President Donald Trump’s February executive order, the U.S. Treasury released the first in a…

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The CHOICE Act: Prosperity Wins, Cronyism Loses

By Danielle DiQuattro When Alexis de Tocqueville visited the United States, he praised American equality and democracy, as opposed to the aristocracy of his home…

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America Waits on the Senate for Financial Reforms

By Norbert Michel, Heritage Foundation Financial Regulations Expert Thursday, after years of work, the U.S. House of Representatives passed the Financial CHOICE Act. Members of the…

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‘Too Big to Fail’ Has Been Damaging for America. This Bill Will Finally End It.

By Tim Chapman, Heritage Action COO It has been a long time coming for the Financial CHOICE Act. This bill, which will pass the House…

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Community Banks Not Wall Street Will Benefit From Dodd-Frank Repeal

Last month the Congressional Budget Office (CBO) released its report on the Financial CHOICE Act, which the House will vote on later this week. The…

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Congress Should Repeal the Durbin Amendment Because It Is a Price Control

By Norbert Michel, Heritage Foundation Financial Regulations Expert Business owners expect conservative members of Congress to protect them from the federal government. They particularly rely on…

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GOP Must Fight Price Controls, Not Side With Liberal Senator Dick Durbin

Washington – According to reports, House Republicans plan to remove language repealing the so-called Durbin Amendment from the Financial CHOICE Act (H.R. 10). The Durbin…

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VIDEO: Repeal The Durbin Amendment

It's time to pass The Financial CHOICE Act to repeal the Durbin Amendment and roll back costly Obama-era regulations.…

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Dodd-Frank Has Crippled Our Economic Recovery. This Bill Will Unleash Real Growth Again.

By Sondra Clark, Digital Director of Heritage Action Have you noticed that free checking accounts are now nearly nonexistent, and locally owned stores are increasing…

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NAR Legislative Priorities Miss The Mark

This week members of the National Association of Realtors (NAR) will flood Capitol Hill offices lobbying for policies they claim protect homeowners and support the…

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Real Estate Professional Legislative Strategy Call 05/10/17

Yesterday conservatives working in the real estate industry all came together for our monthly Legislative Strategy Call. During the call, we heard from Wesley Coopersmith – Policy Manager…

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Dodd-Frank’s Days Are Numbered. Here’s the Financial Reform Bill America Needs.

By Neil Siefring, Vice President of Hilltop Advocacy, LLC President Ronald Reagan once said, “The nine most terrifying words in the English language are: I’m…

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Fixing Dodd-Frank Is Critical to Ending Bailouts

By Norbert Michel, Heritage Foundation financial regulations expert Dodd-Frank is about to undergo a serious overhaul, and the first major part of the renovation is taking…

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Heritage Action Supports Chairman Hensarling’s Financial Choice Act (H.R. 10)

In response to the housing collapse and financial crisis of 2007-08, Congress rushed to pass the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act…

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Heritage Action Signs Letter Supporting the Financial CHOICE Act

Coalition to Congress: Support the Financial CHOICE Act April 26, 2017 Dear Members of the House of Representatives: On behalf of our organizations and the…

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President Trump Asks Secretary Mnuchin to Review “Too Big to Fail”

Amidst the ongoing negotiations to reach a deal on Obamacare, the Trump administration continues laying the groundwork for the repeal of Obama’s legacy in the…

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Financial CHOICE Act 2.0 Expected This Month

As Republicans continue negotiations on an Obamacare repeal plan, a new and improved version of the bill to repeal the Obamacare of the financial sector…

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VIDEO: Norbert Michel on Dodd-Frank Repeal

Heritage Foundation Financial Regulations Expert Norbert Michel appeared on Fox Business to discuss his latest research on the macroeconomic impact of repealing Dodd-Frank. His latest…

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Time To Move On (Again) From Glass-Steagall: Part 2

By Norbert Michel, Heritage Foundation financial regulations expert The 1933 Glass–Steagall Act is widely viewed as a law that ended overly risky financial practices that led…

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Heritage Foundation Scholar Testifies on Financial Regulatory Reform

Last week, The House Financial Services Committee held a hearing entitled “Examination of the Federal Financial Regulatory System and Opportunities for Reform.” The witness panel…

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Are We Better off Curbing the Role of the Consumer Financial Protection Bureau?

By Norbert Michel, Heritage Foundation financial regulations expert YES: It Has Too Much Power—and Besides, It Isn’t Necessary. Limited government and free enterprise—these two principles…

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Key Senators Support Trump In Fight Against Too Big To Fail

By Norbert Michel, Heritage Foundation financial regulations expert The Trump Department of Justice recently decided to oppose the Consumer Financial Protection Bureau (CFPB) in court,…

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Senators Ask Treasury Secretary Mnuchin To End “Too Big To Fail”

This week, members of the Senate Banking Committee sent a letter to Treasury Secretary Mnuchin asking for an end to “Too Big To Fail.” Following the 2007-2008 financial…

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Congress Should Stop CFPB’s Prepaid Card Rule

Congress has the opportunity to stop an onerous 17,000 page rule finalized by the infamous Consumer Financial Protection Bureau (CFPB) last fall, known as the prepaid card…

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Real Estate Professional Legislative Strategy Call 03/08/17

Yesterday, conservatives working in the real estate industry all came together for our monthly Legislative Strategy Call. During the call, we discussed the GOP's healthcare plan, the American…

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House GOP Exposes “Too Big To Fail” Designations As “Arbitrary and Inconsistent”

The House Financial Services Committee has released a report exposing the Financial Stability Oversight Council’s (FSOC) process for designating non-bank firms as systemically important financial institutions (SIFI) as “arbitrary and inconsistent.”…

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Prosperity Unleashed: Smarter Financial Regulation

Check out this panel discussing Heritage's new book Prosperity Unleashed: Smarter Financial Regulation. "Prosperity Unleashed: Smarter Financial Regulation provides solutions to the core regulatory problems that have…

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To Unleash Prosperity, Dodd-Frank Must Go

By Justin Posey, Communications Manager at the Heritage Foundation After the financial market crash in 2008, liberal lawmakers insisted that more stringent regulations must be…

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President’s Opening Financial Services Salvo is On Target, But There’s Much More to Be Done

By Norbert Michel, Heritage Foundation Financial Regulations Expert On January 30, President Trump pledged that his Administration would “be doing a big number on Dodd-Frank.”…

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Trump’s Executive Orders on Financial Regulation Are a Great First Step

By Norbert Michel, Heritage Foundation Financial Regulations Expert President Donald Trump has vowed to dismantle the Dodd-Frank Act, and on Friday he signed two executive…

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5 things Steven Mnuchin should do in his First 100 days as Treasury Secretary

Undoing the damage of the Obama administration is going to be a massive undertaking.…

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CFPB’s Regulation of Auto Lenders Ripe With Abuse

Last week, the House Committee on Financial Services released the third in its series of reports outlining a string of missteps by the Consumer Financial Protection Bureau’s…

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The CFPB is in the Crosshairs, Exactly Where it Belongs

By Norbert Michel, Heritage Foundation Financial Regulations Expert The Consumer Financial Protection Bureau (CFPB) has been one of the most controversial components of the 2010…

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Real Estate Professional Legislative Strategy Call 01/11/17

Yesterday, conservatives working in the real estate industry all came together for a our monthly Legislative Strategy Call. During the call, we discussed the current Congressional efforts…

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Conservative Senators Call on Trump to Fire King Richard Cordray

Earlier this week, Senators Mike Lee (R-UT) and Ben Sasse (R-NE) called on President-elect Donald J. Trump to remove the director of the Consumer Financial…

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Repeal the Durbin Amendment: Restore the Rule of Law

By Norbert Michel, Heritage Foundation Financial Regulations Expert Consumers started relying on plastic cards instead of checks to make their purchases back in the 1980s.…

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How to Improve the Replacement Plan for Dodd-Frank under President Trump

In 2016, Chairman Jeb Hensarling (R-TX) successfully passed his Dodd-Frank replacement bill out of the House Financial Services Committee. Named the Creating Hope and Opportunity…

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Dodd-Frank Must Go. Here’s the Republican Plan to Save Community Banks, Spur Economic Growth

By Congressman Keith Rothfus (R-PA) With control of both the White House and Congress, Republicans finally have the opportunity to reignite the economy. American families…

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1,243,859 Hours Lost Complying with Dodd-Frank

By Gloria Taylor $1.7 Billion. That’s how much the latest 9 rules stemming from Dodd-Frank will cost according to the American Action Forum. If the…

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Professional Sentinel Strategy Call 12/07/16

Yesterday, conservatives working in the real estate industry all came together for a our monthly Professional Sentinel Strategy Call. During the call, we discussed the current state…

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Why It’s Not So Easy To Drain a Swamp

By Norbert Michel, Heritage Foundation Financial Regulations Expert As everyone from south Louisiana knows, draining a swamp is tricky business. Just when you think you…

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Business As Usual: Every Donation From CFPB Goes to a Democrat

By Gloria Taylor This election cycle the Consumer Financial Protection Bureau (CFPB) was one of only four federal agencies where every donation from its employees…

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Congress Has Its Best Shot Yet to Repeal Dodd-Frank

Earlier this year under the leadership of Chairman Jeb Hensarling (R-TX), the House Financial Services Committee passed the Creating Hope and Opportunity for Investors, Consumers,…

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Dismantling Dodd-Frank: How Congress Can Begin to Restore Financial Security

By Norbert Michel, Heritage Foundation Financial Regulations Expert President-elect Donald Trump campaigned on the promise of dismantling Dodd-Frank, and now Senate Democrats are pretty much…

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Significant Policy Changes Possible under a Donald Trump Presidency

With the election of Donald Trump to the Presidency along with Republican majorities in both chambers of Congress, significant and positive policy changes could be…

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Government Regulation Responsible for the Drop in Mortgage Loans from Banks

Banks, credit unions and other depository institutions accounted for less than half of all mortgage dollars lent to borrowers during the third quarter of 2016.…

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How Congress Should Capitalize on the CFPB Being Ruled Unconstitutional

Earlier this month, the U.S. Court of Appeals for the D.C. Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) structure violates the Constitution’s separation…

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Video: Norbert Michel Argues the Case Against Dodd-Frank on Mortgage Shots

Heritage Foundation Financial Regulations Expert Norbert Michel sits down with Brian Stevens of Mortgage Shots to discuss why Congress should repeal Dodd-Frank. Watch the interview above…

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Real Estate Professional Sentinel Strategy Call 10/12/16

Last week, conservative real estate professionals from across the country joined together for our monthly Heritage Action Sentinel Strategy call. During the call we discussed…

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Court Says CFPB Structure is Unconstitutional

By Justin Posey The U.S. Court of Appeals for the District of Columbia ruled today that the structure of the Consumer Financial Protection Bureau (CFPB)…

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One Year Anniversary of TRID: Realtors and Lenders Still Having Trouble

October 3rd marked the one year anniversary of the Consumer Financial Protection Bureau’s rocky implementation of their 1,800-page TILA-RESPA Integrated Disclosure (TRID) or “Know Before…

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Court Ruling Reins in Unaccountable Financial Regulation Agency

By Diane Katz, Research Fellow in Regulatory Policy at The Heritage Foundation The very first line of today’s court ruling in PHH Corporation v. Consumer…

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Politics of Finance on Full Display Thanks to Wells Fargo

By Heritage Foundation Financial Regulations Scholar Norbert Michel Politics should not trump sound economic policy, but it often does, especially with regard to regulating financial markets.…

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Small-Dollar Loans: How the Latest Rules from the CFPB Are Likely to Harm Millions of Consumers

https://www.youtube.com/watch?v=ed7DpdlhoeE The Consumer Financial Protection Bureau (CFPB) has issued its proposed rule for “Payday, Vehicle Title, and Certain High-Cost Installment Loans.”  The proposal is open…

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Video: How to Discuss Conservative Issues in your Community

https://www.youtube.com/watch?v=p16sK9roImM&feature=youtu.be The majority of Americans agree that consumers lose with Dodd-Frank because the law is consumer protection for billionaires. Watch CEO & Managing Partner of Heart &…

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Stopping the DOL’s New Fiduciary Rule is Another Reason Congress Must Pass the Financial CHOICE Act

On September 13th, the House Financial Services Committee passed Chairman Jeb Hensarling’s (R-TX) Financial CHOICE Act (H.R. 5983) by a vote of 30-26. This bill…

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PHH vs. CFPB

By Gloria Taylor The regulatory behemoth created by Dodd-Frank, the Consumer Financial Protection Bureau (CFPB), could be in hot water as the D.C. Circuit Court…

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Opponents of CHOICE Act Aren’t Interested in Protecting Consumers

By Norbert Michel, Heritage Foundation Financial Regulations Expert On Tuesday, Sept. 13, the House Financial Services Committee passed the Financial CHOICE Act. Among other needed…

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Heritage Action Supports Hensarling’s Financial CHOICE Act (H.R. 5983)

In response to the housing collapse and financial crisis of 2007-08, Congress rushed to pass the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act…

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CFPB Faster to Regulate than Other Federal Agencies

The Consumer Financial Protection Bureau’s (CFPB) median pace of creating new regulations is 3.5 times faster than that of significant executive agencies. This revelation, coming…

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Clinton’s Small Business Plan is More Government

Democrat presidential nominee Hillary Clinton will roll out her plan to make American small businesses great again, or in her words: “to support small businesses…

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The Popular Narrative About Financial Deregulation Is Wrong

By Norbert Michel, Heritage Foundation Financial Regulations Expert Americans are being fed a false narrative. As the story goes, in 1999, Congress repealed the 1933…

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White House in Denial of Dodd-Frank’s Negative Impact on Small Banks

In the six years since Dodd-Frank was implemented, community banks have been choked by overbearing federal regulations, causing many banks to close their doors. The…

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Real Estate Professional Sentinel Strategy Call 08/10/16

Yesterday, conservative real estate professionals from across the country joined together for our second Heritage Action monthly sentinel strategy call. During the call we discussed…

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Why Resurrecting Glass-Steagall is a Mistake

Guest Blog: Gloria Taylor In a rare occurrence, Republicans and Democrats share some common ground in their respective political platforms this election cycle. Both call…

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CFPB Announces Slight Changes to “Know Before you Owe” Rule

On July 29th, the Consumer Financial Protection Bureau (CFPB) publicly announced changes to its problematic TRID or “Know Before you Owe” rule after issuing a…

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CFPB Exceeds its Authority Again

Guest Blog: Natalie Wyman The Consumer Financial Protection Bureau (CFPB) was created by Dodd-Frank in 2010 as a federal agency that would protect consumers by…

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Sentinel Real Estate Professionals CFPB Letter on TRID and Dodd-Frank Reform

Heritage Action Sentinel Real Estate Professionals sent a letter to the Consumer Financial Protection Bureau (CFPB) calling on the bureau to reform its costly and…

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Dodd-Frank Cost $36 Billion, 73 Million in Paperwork Hours

A recent report from the American Action Forum (AAF) shows that total regulatory cost from the Dodd-Frank Act of 2010 now exceeds $36 billion. This…

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Special Interests Should not Stand in the way of Dodd-Frank Reform

This week marks the six year anniversary since the Dodd-Frank Act was signed into law by President Obama, but instead of addressing the major causes…

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Dodd-Frank Replacement Bill would Transform CFPB

With the passage of the Dodd-Frank Act in 2010, one of the most unaccountable federal agencies in American history was created. Title X of Dodd-Frank…

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With Dodd-Frank Reform, Community Banks Could Make a Comeback

Since the passage of the Dodd-Frank Act in 2010, almost no new banks have opened. The number of smaller community banks, with assets under $10…

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House Republicans Hope to Reduce Financial Regulations, Reform Dodd-Frank

This Tuesday, a task force of House Republicans released a regulatory policy agenda outlining what policies Congress should enact to help jumpstart the economy. Entitled…

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NAR Meets with CFPB, Sends Letter Asking for TRID Guidance

Earlier this month, the National Association of Realtors (NAR) sent a letter to the Consumer Financial Protection Bureau (CFPB) asking for additional guidance on the…

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Financial CHOICE Act Represents Major First Step to Repeal Dodd-Frank

Guest Blog: Authored by Heritage Foundation financial regulation expert Norbert Michel. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act is among the most inappropriately named laws…

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Heritage Action Praises Hensarling’s Dodd-Frank Reform

Press Release: Washington — Today, House Financial Services Chairman Jeb Hensarling (R-TX) 81% released his proposal to overhaul the Dodd–Frank Wall Street Reform and Consumer Protection…

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Dodd-Frank Replacement Bill to be Unveiled June 7th

Representative Jeb Hensarling (R-TX), chairman of the House Financial Services Committee, will introduce new legislation to replace the 2010 Dodd-Frank Act on June 7th. Although…

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Dodd-Frank Drives Home Prices Up, Suppresses Affordable New Home Construction

Economists are starting to acknowledge that the lack of supply in the housing market, especially the supply of affordable single family homes, is one of…

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CFPB to Reopen “Know Before You Owe” Rulemaking

The Consumer Financial Protection Bureau (CFPB) recently announced it will reopen the unpopular “Know Before You Owe” rule to potential modifications this summer. The rule,…

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House Republicans take steps to rein in CFPB and Dodd-Frank

Last week, the House Financial Services committee passed two separate bills addressing significant legislation impacting mortgage lenders, banks, and real estate agents. The first, introduced…

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Increase in Home Prices a Result of More Federal Regulation

Earlier this week, the Housing and Insurance subcommittee held a hearing entitled “The Future of Housing in America: Government Regulations and the High Cost of…

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New federal rules on Closing Disclosures creating trouble for real estate agents

The Consumer Financial Protection Bureau’s (CFPB) new rule surrounding federal real estate settlement procedures is causing lenders and title companies to refuse to provide closing…

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Length of time to close mortgage loans going up

According to a news report from Ellie Mae, the average time it takes for new home buyers to close a loan increased 4 days since…

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