Senator Bob Corker says the recent Wall Street reform needs of a few “technical corrections” that he believes could have bipartisan support. He certainly has the backing of Tennessee bankers.
While he negotiated parts of the highly complex Dodd-Frank legislation, ultimately Corker couldn’t pull himself to also vote for it. His original objections aside, the Republican Senator says there are rules that just need some tweaks. The way Corker interprets one provision, even rule-following loan officers could be on the hook when one of their borrowers defaults.
Rodney Robinson of the Tennessee Mortgage Bankers Association calls it crazy.
“If we have dotted all of our i’s and crossed all of our t’s and verified that the information was accurate and the borrower qualified, we can’t control what happens in the future.”
According to the bankers association, such regulation would limit the number of loans made to high-risk borrowers.
One of the most widely accepted changes is to shield sensitive financial documents that banks would hand over to the newly-created Consumer Financial Protection Bureau.
Corker is writing a bill to take care of such issues but he expects debate won’t occur until after this year’s elections.
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