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Friday, May 25, 2018

Congress strengthens fraud protections, rolls back Dodd-Frank regs

A broad set of anti-fraud measures with bipartisan support from the U.S. Senate and House of Representatives was signed into law on May 24, 2018. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2115) seeks to mitigate synthetic identity fraud, which involves criminal use of stolen Social Security numbers (SSNs) to secure loans and lines of credit. It also seeks to remedy portions of the 2010 Dodd-Frank Act, which drafters of the new legislation believe did not distinguish sufficiently between the huge financial institutions (FIs) that contributed to the 2008 crash and the smaller, community-based FIs that did not.

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