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    05.16.17 Professor David Reiss Decries New Financial Choice Act in The Hill Column
    David Reiss

    In his regular column for The Hill, Professor David Reiss on Sunday took on the Financial Choice Act, the latest effort to roll back the regulatory powers of the Consumer Financial Protection Bureau. Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, is the chief proponent of the FCA, claiming the CFPB and its parent, Dodd-Frank, put an undue burden on consumer credit providers.

    Reiss argues that this is not the case, noting that interest rates are near their lowest levels and credit is much more easily available to consumers than it was in the aftermath of the financial crisis.

    “Notwithstanding its name, the [Financial Choice Act] will be terrible for consumers,” Reiss writes. “It will gut the Consumer Financial Protection Bureau and return us to the Wild West days of the early 2000s where predatory lenders could prey on the elderly and the uneducated, knowing that there was no sheriff in town to stop ‘em.”

    Reiss teaches real estate courses and is the founding director of the Community Development Clinic. He is actively involved within the Law School community, currently serving as Academic Programs Director of the Center for Urban Business Entrepreneurship (CUBE). He is a frequently quoted expert on legal developments in the real estate finance sector. His comments recently appeared in WNYC and The Wall Street Journal, and he writes a bi-weekly column for The Hill. Reiss’s popular blog, REFinBlog, offers a daily roundup of developments in the law and practices related to the real estate finance industry.

    Reiss was also recently quoted in the NBC News story "Feds Subpoena Records for 3.5M Mystery Mortgage on Manafort's Home." The story examines federal investigators having subpoenaed records related to a $3.5 million mortgage that former Trump campaign manager Paul Manafort took out on his Hamptons home just after leaving the campaign.

    "It would be totally ill-advised to not record the loan on the property that is being secured," Reiss told NBC News. "Recording the mortgage on the property protects the lender."

    Click here to read the entire column at The Hill.