Congress Introduces Bill to Reinstate Dodd-Frank Reform Measures


Burgandy Basulto is a Content Writer at NAWRB. She has a bachelor’s degree in both English and Philosophy, and a master’s degree in Philosophy. When she’s not reading or writing, she loves running, kickboxing, watching films, trying new restaurants she finds via Yelp, and experiencing other cultures during her travels.

In 2018, Congress passed a bill that rolled back reform measures under the Dodd-Frank Wall Street Reform and Consumer Protection Act that required banks and credit unions to report loan characteristics. The measures required lenders to submit reports for 25 or more mortgages and 100 or more home equity loans made per year.

The bill raised the threshold significantly to 500 mortgages and 500 home equity loans per year, which resulted in 85 percent of banks and credit loans being exempted from reporting. This has sparked concern over fairness in lending as some minorities and women are still subject to loan discrimination.

To ensure the protection of American homebuyers, Senator Cortez Masto has introduced legislation to reinstate the reform measure that “any bank or credit union that makes more than 25 mortgage loans a year or 100 home equity lines of credit report detailed loan characteristics such as interest rates, points and fees, loan terms as well as borrower characteristics like credit score and ethnicity.” The new bill also requires that each loan is given a unique loan identifier for tracking in case it is sold to an investor.

“Last year Congress voted to make it harder to find and hold banks and credit unions who discriminate accountable for their actions,” stated Senator Cortez Masto in an official press release. “That’s why I’m proud to introduce legislation requiring banks and credit unions to report data on their borrowers and the quality of their loans to ensure that the public and federal regulators have access to the information they need to hold banks accountable.”

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