President Donald Trump said Tuesday that he’s looking to loosen restrictions on consumer lending as he and Republican colleagues push to roll back the Dodd-Frank Act.
Trump said during a White House event Tuesday he wants to give banks the freedom to loan to customers deemed too risky under Dodd-Frank, the sweeping post-crisis financial rules enacted in 2010.
A bipartisan Senate bill to cut back Dodd-Frank expands the range of which loan applicants can be considered qualified borrowers. The measure, sponsored by Senate Banking Committee Chairman Mike Crapo (R-Idaho), is backed by enough Democrats to beat a filibuster.
While the White House supports the bill, House Republicans say its lack of restraints on the Consumer Financial Protection Bureau (CFPB) makes it too weak to support.
Read more in The Hill.