Dodd-Frank Wall Street Reform and Consumer Protection Act
U.S. Senate (Senate) and U.S. House of Representatives (House) conferees initially reached agreement on a financial reform bill late last week, with the intent that the full Senate and House would vote on the legislation this week. However, opposition to a bank tax provision added to the bill at the last minute and the death of Senator Robert Byrd (D-WV) meant there were not sufficient votes in the Senate to bring the bill to a vote. The conferees met again on June 29, 2010 and removed the bank tax provision from the bill while providing for an early termination of the Troubled Assets Relief Program and an FDIC premium increase for larger banks to offset the revenue lost by the removal of the tax provision. Final action on the bill now may not occur until after the July 4th holiday.
The bill, which is now known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, will make extensive reforms to various aspects of the financial industry in the country. This summary focuses on mortgage industry-related provisions, and the legislation is referred to as the “Dodd-Frank Bill.” The Dodd-Frank Bill provides for rulemaking on a wide-range of issues that will be key for, and require the attention of, the mortgage industry in the coming months and years.
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