Not much. The rewrite does some good things for the Banking Industry but……not too much for you and I.
The bill doesn’t go nearly as far as some Republicans would like to go in gutting the 2010 law. For example, it doesn’t make big changes to the Consumer Financial Protection Bureau. When it refers to smaller lenders, it looks like it is making reference to FDIC participants.
The CFPB has also made it clear it is engaging the state regulators more now than ever.
Don’t drop your guard or relax your focus on compliance. We have come so far. Let’s not go backwards.
Nelson A. Locke, Esq.