Wednesday December 6th, 2017

Cortez Masto Calls Out GOP on Wall Street Reform, Consumer Protection Hypocrisy

CCM Dodd Frank Hearing

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Washington, D.C. – During a U.S. Senate Committee on Banking, Housing, and Urban Affairs markup on a bill to roll back major provisions in the Wall Street Reform and Consumer Protection Act, U.S. Senator Catherine Cortez Masto (D-Nev.), a member of the Committee, proposed six amendments to empower consumers and protect taxpayers from bank bailouts.

Cortez Masto Amendment 70 ensured that borrowers would be able to take their bank to court. By reinstating a rule from the Consumer Financial Protection Bureau (CFPB) repealed by Congressional Republicans in October, this amendment would have disallowed companies like Wells Fargo or Equifax from burying consumers in fine print that blocked their access to court.

In an exchange with U.S. Senator Mike Rounds (R-S.D.), Senator Cortez Masto exposed Republicans’ hypocrisy regarding their latest effort to eviscerate the Wall Street Reform and Consumer Protection Act. In his response to Senator Cortez Masto’s proposed amendment, Senator Rounds rejects it on the grounds that “Congress and the President have already spoken on the issue of pre-dispute arbitration agreements by repealing the CFPB’s flawed rule prohibiting pre-dispute class action waivers in arbitration agreements this last October.”

However, Senator Cortez Masto identifies the irony in his statement, “I appreciate my colleague’s comments, but if Congress has already responded and this White House has responded, if that were true, then why are we looking to roll back the regulations in Dodd-Frank because Congress has already spoken?”

In addition to Amendment 70, Senator Cortez Masto also proposed the following amendments:

Amendment 69

Reverse Mortgage Protections For Seniors:

  • Requiring banks to provide loan modifications for seniors with reverse mortgages that fall behind in property taxes, insurance or homeowners’ association payments.  This amendment was supported by the Legal Aid Center for Southern Nevada.


Amendment 71

Maintaining Stress Tests For Banks That Have Failed:

  • An amendment to prevent the roll back of stress tests – a critical tool to ensure banks don’t need taxpayer bailouts.


Amendment 72

Barring Regulatory Relief For Banks That Defrauded Homeowners:

  • An amendment to prohibit regulatory roll backs for large banks that have had a history of misconduct related to homeowners, including behavior like mortgage origination, securitization and servicing fraud which led to the 2008 crisis.


Amendment 73

Strengthening Protections To Prevent Housing Discrimination: 

  • An amendment to protect homeowners from housing discrimination by reinstating reporting requirements that help law enforcement to detect patterns of abuse.


Amendment 75

Prohibiting Regulatory Relief Until All Wall Street Reform Rules Have Been Finished:

  • Delaying the regulatory roll backs in the bill until financial regulators finalize all the rules required after the 2008 crisis, including rules around executive pay, small business lending and toxic derivatives.



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