Sam Gendusa June 10, 2016

Newsletter - June 2016

A lot is on the line this November. And regardless of what side (if any) you fall on, that sentiment is exceedingly true of the financial services industry, where the candidates have weighed in with greatly diverging opinions and plans for moving forward.

Let’s leave the reality show fodder aside for a moment and focus on where Hillary Clinton and Donald Trump come down in regards to key topics in the mortgage industry: The Dodd-Frank Act and Consumer Financial Protection Bureau (CFPB).

Donald Trump:

Under a Trump administration, there would be emphasis on “dismantling” the Dodd-Frank legislation. Here are a few insights from his side:

  • He has called Dodd-Frank “terrible” and would put forward a plan to repeal a good portion of the legislation.
  • His plan seems to include getting rid of the CFPB, though he hasn’t mentioned it specifically.
  • He believes the legislation has made life hard on bankers and businesses.

Key Quote: “Dodd-Frank has made it impossible for bankers to function … to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop.”

Hillary Clinton:

Under a Clinton administration, there would be emphasis on strengthening the regulations put in place by Dodd-Frank. Here are a few insights from her comments:

  • Her plan includes new risk fees for banks with more than $50 billion in assets, a new tax on high-frequency trading, and penalties for executives of institutions caught cheating.
  • She believes that regulations and oversight ought to be given more teeth with a stronger CFPB.
  • She would close the carried interest loophole for fund managers.

Key Quote: “The proper role of Wall Street is to help Main Street grow and prosper. When our financial sector works the right way, it helps families buy their first homes, entrepreneurs start and grow small businesses and hardworking Americans save for retirement.”

Whichever way the country decides to go this fall, you can bet on one thing… more change is coming. Blue Streak Docs can help you protect your portfolio by having the proper documentation in place at all times. Plus, if you haven’t worked with us yet, you can try us out and get your 5th order FREE!

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