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Trump signs bank regulatory relief bill

President Donald Trump has signed the legislation that will roll back portions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

In a ceremony on Thursday at the White House, Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, S. 2155, which was approved Tuesday in the U.S. House of Representatives and in March by the Senate. The bill garnered support and some cosponsors from moderate Democrats.   

The most controversial change loosens federal oversight on larger regional banks, and also exempts small banks from the Volcker rule that prohibits banks from making speculative investments.  

Among the provisions directly affecting the mortgage industry, smaller banks and credit unions — institutions with assets less than $10 billion— would have greater flexibility and legal protection for home loans they hold in portfolio. 

Banks and credit unions that do fewer than 500 loans or 500 lines of credit in a year also would be exempt from the greatly expanded reporting requirements under the Home Mortgage Disclosure Act (HMDA). 

In addition, the legislation also amends the S.A.F.E. Mortgage Licensing Act of 2008 to allow bank originators to obtain a temporary license to originate loans for a nonbank or move to another state while they complete the additional licensing requirements for nonbank originators.

Nonbank lenders would otherwise be largely unaffected by most of the other provisions of the bill, however. 


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