It was encouraging to see President Obama, Treasury Secretary Jacob Law and top financial regulators meet last week to discuss Dodd-Frank implementation issues given how the high stakes are for getting the rules right, ABA President and CEO Frank Keating said in a Fox Business interview.
Host Lori Rathman asked Keating about those stakes. Keating replied, “Customers and borrowers are at risk, because the box that customers are getting placed in is so narrow that the first generation homebuyer, the first generation entrepreneur, the young person or immigrant is going to have a hard time accessing credit.”
Keating characterized the debt-to-income ratio of the CFBPs ability-to-repay rule as too strict.
Watch the interview.