GAO Finds Little Data to Back Industry Claims of DFA Burden
January 11, 2016
The Government Accountability Office heard a lot of industry talk about the negative effects of CFPB regulations on mortgage lending during its review of the impact of the Dodd-Frank Act, but found little data from regulators to support such claims so far, according to a new report issued by the government watchdog. “The results of surveys conducted by regulators, industry associations, and academics on the impact of the Dodd-Frank Act on small banks suggest that there have been moderate to minimal initial reductions in the availability of credit among those responding to the various surveys, and regulatory data to date have not confirmed a negative impact on mortgage lending,” said the GAO. Some community bank, credit union, and industry association ...