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How the rollback of Obama-era financial regulations could affect you

Monday, March 19, 2018
Jacob Passy & Maria Lamagna | MarketWatch
Yana Miles
Scott Astrada

But opponents of the rollback say it will hurt consumers and increase risk, given that those banks won’t have as much oversight. “There is no doubt that if passed into law, this bill would encourage the finance industry to engage in the types of reckless lending that pulled Americans into a Great Recession,” said Yana Miles, the senior legislative counsel for the Center for Responsible Lending, a nonprofit based in Durham, N.C.

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The bill would exempt 85% of the mortgage industry from these reporting requirements, said Scott Astrada, the director of federal advocacy at the Center for Responsible Lending. “Modern red-lining is still part of our reality — it is illegal on paper but the data shows that black and Latino [customers] get denied mortgages at higher rates,” Astrada said. “The only reason we know that is HMDA data.”