Prospects are good for a public shaming in the Equifax data breach, but it's unlikely Congress will institute sweeping new regulations after hackers accessed the personal information of an estimated 143 million Americans.
The priorities of two congressmen supporting the Financial CHOICE Act are to offer community banks on “off ramp” from Dodd-Frank regulations, better define systemically important banks and bring accountability as well as transparency to the Consumer Financial Protection Bureau.
Customers of Wells Fargo whose personal information was used to create accounts they didn’t want, need or request were also victims. Those unauthorized accounts could reflect negatively on the unsuspecting customer’s credit score, and that could cost them far more for far longer.
Not long ago, crossing the $10 billion-asset threshold for a bank was merely a big round-number achievement. Now, however, banks surpassing $10 billion in assets face additional costs, fee restrictions and new layers of regulatory oversight.
On Aug. 1, the way lenders, real estate agents and title companies work together will change completely. If you’re not prepared for the upcoming changes, you’ll run the risk of delayed closings, lost trust with customers or other challenges brought by new federal regulations.