Profile picture
Chad Bolt @chadderr
, 9 tweets, 3 min read Read on Twitter
Here are some of the “community banks” escaping regulation under a bill the Senate is voting on in less than 2 weeks. Just your run-of-the-mill, mom-and-pop banks down the street from you:

-Deutsche Bank
-Barclays 1/
Here are some of the "community banks" that would get new legal footing to challenge federal oversight. You've probably heard of them because, gee wilikers, they're known for being real friends of our communities:
-Wells Fargo
-Goldman Sachs 2/
Sadly, just a decade since the worst financial crisis since the Great Depression, the Senate is plowing ahead with a bill that would de-regulate 25 of the 38 biggest financial institutions -- in the name of helping "community banks."… 3/
Currently, banks bigger than $50 billion get extra federal oversight and have stricter requirements, to protect the financial system if they fail. This bill would *quintuple* that requirement to $250 billion, even letting banks currently failing govt stress tests off the hook. 4/
This isn't theoretical. There are real life examples for why raising the threshold that high is a bad idea. Remember Countrywide?… 5/
The bill would also allow racial discrimination in mortgage lending to go unchecked by eliminating the requirement that the vast majority of lenders collect demographic data. That data can help regulators spot trends and discriminatory practices along lines of race. 6/
And even though it has "consumer protection" in its deceptive title, the bill actually eliminates requirements that protect homebuyers from last-minute surprises in loan terms and fees. It also exempts sellers of manufactured homes from truth in lending requirements. 7/
All in all, the bill is just another part of the Republican playbook to roll back important Wall Street regulations put in place through Dodd-Frank after the last financial crisis. Sadly, 12 Democrats have signed up to help. 8/
Senate is expected to vote on this week of 3/5. That means you still have time to tell your Senator not to put us at risk of another financial crisis to help their buddies on Wall Street (ahem, excuse me, "community banks.") Explainer/call script here:… 9/9
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Chad Bolt
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member and get exclusive features!

Premium member ($3.00/month or $30.00/year)

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!