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Monday, January 26, 2015

Keating in USA Today: Dodd-Frank Still Needs Fixing

The Dodd-Frank Act is not perfect and troublesome provisions still need to be fixed, ABA President and CEO Frank Keating said in a USA Today “Opposing View” editorial this morning. He was responding to an editorial arguing against further modifications to the law. Keating wrote:

No one ever confused Capitol Hill for Mount Sinai. But some today think the Dodd-Frank Act is as set in stone as the two tablets of the Ten Commandments. The sooner we stop pretending that the law is holy writ, the sooner we can make Dodd-Frank work better for American families and small businesses.

He highlighted three examples among several: allowing home loans held in portfolio to be designated as Qualified Mortgages, providing extra time to safely wind down investments in collateralized loan obligations prohibited under the Volcker Rule and creating an appeals process for CFPB designations of rural and underserved areas.

Read the editorial.

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