WASHINGTON – Yesterday, the U.S. House of Representatives passed the Senate’s bill, S. 2155, the “Bank Lobbyist Act,” stripping consumers of key protections Congress enacted after the recent financial crisis that devastated communities and crashed the market. The White House issued a Statement of Administrative Policy in support of the bill. The new law rolls back a range of housing and other protections, leaving homeowners more exposed to lending abuses.
“We need a market that works for all borrowers, not a widening of the wealth and fairness gap,” said Alys Cohen, staff attorney in the Washington office of the National Consumer Law Center. “In the guise of relief for small banks, Congress has voted to make it easier to hide information on lending discrimination, to make unaffordable mortgage loans, and to expose rural homeowners to abusive and overpriced loans.”