In connection with the fourth anniversary of the Dodd-Frank Act yesterday, ABA President and CEO Frank Keating made several media appearances. The bill is a mixed bag, he noted on Bloomberg’s “Bottom Line” program.
“There are some good things in the law,” he noted -- for example, “it says that no institution is too big to fail” and provides “a mechanism to ensure that’s the case.” It also furnishes a mechanism for regulation of systemically significant nonbanks, he pointed out.
However, Keating added, the CFPB needs more oversight, and mortgage rules based on Dodd-Frank are hindering the housing market. “I hope both Republicans and Democrats go back to the drawing board and amend those things that harm us as an economy and leave in those things that save us from reckless lending and the collapse of a big institution.”
Watch the Bloomberg interview.