“But there’s a big problem with their story — banks are making record profits. Congress has done enough favors for big banks — the House should reject the #BankLobbyistAct.”Ms. Pelosi and Representative Maxine Waters of California, the ranking Democrat on the House Financial Services Committee, wrote a letter to their House colleagues urging them not to support the bill. Congress to drag us back to the same lack of oversight that ignited the Great Recession,” they wrote. The overtures did not prevent several Democrats from crossing party lines in favor of the legislation — 33 Democrats voted for it, and one Republican, Walter B. Jones of North Carolina, voted against it. The bill also exempts some loan originators, including small lenders, from certain disclosure requirements under the Home Mortgage Disclosure Act.

Source: New York Times May 22, 2018 21:48 UTC