In the News July 20, 2015

Law360 Quotes Stephen Ornstein on Potential Dodd-Frank Changes

Some of the signature provisions of the Dodd-Frank Act may be revised to balance regulations to avoid systemic risk and allow small banks to survive, but this does not include ongoing efforts to change the Consumer Financial Protection Bureau (CFPB).

Stephen Ornstein, co-leader of Alston & Bird’s Consumer Finance Regulatory Compliance Group, doesn’t expect changes to the CFPB’s structure, but said that there might be a loosening of what defines a qualified mortgage if credit starts to dwindle.

Considering how hard Democrats fought for change, they are unlikely to give it up easily, noted Ornstein, who said any reforms are likely to be market-driven.

“What you’d have to see is a lessening of the availability of credit, as the housing market continues to improve,” Ornstein said. “If Main Street people aren’t able to get credit and they want it, and they say, ‘these rules are too tight,’ we may see limited change.”
Media Contact
Nicholas Clarke
Senior Communications Manager
Phone: 212.210.1222
This website uses cookies to improve functionality and performance. By continuing to browse this site, you are consenting to the use of cookies on this website. For details, see our Privacy Statement