Using small banks as decoys

Ballard Cassady Jr. of the Kentucky Bankers Association said my criticism of Rep. Andy Barr was “misdirected,” but he offered no examples.

He also asked for proof of my assertion that that Barr wants to gut the Dodd-Frank Wall Street Reform and Consumer Protection Act, not surprising since the financial sector provides a substantial amount of Barr’s campaign contributions.

Here goes. Barr sponsored or co-sponsored:

The Portfolio Lending and Mortgage Access Act, permitting all financial institutions — not just small banks — to ignore a borrower’s ability to repay a loan.

The Restoring Proven Financing for American Employers Act, which eliminates some restrictions on “collateralized loan obligations” at the heart of the financial meltdown. Sixteen of the world’s largest financial groups lobbied for it.

The TAILOR act that makes it impossible for the Consumer Financial Protection Bureau to protect the little guy.

Dodd-Frank created the CFPB as the “cop on the beat” to protect consumers from scams by banks, credit card companies and such previously unregulated financial institutions as payday lenders.

Since it was created in 2010, the bureau has won $11.4 billion in relief for more than 25 million consumers.

Just last week, the CFPB hit Wells Fargo with a $100 million fine — its largest ever.

If Barr truly wants to help small banks he should propose legislation that benefits only them instead of using them as cover to cheat consumers and free mega-banks from the Dodd-Frank reforms.

If elected, I promise to work tirelessly for such a clean bill.

This story was originally published September 13, 2016 at 7:33 PM with the headline "Using small banks as decoys."