Orlando lender predicts credit could be more accessible

Trump order could revise Dodd-Frank Act

ORLANDO, Fla. – When President Donald Trump took office, he signed a series of executive orders.

One of them in particular could impact the financial industry and your wallet.

After the financial collapse in 2008, the Obama administration enacted the Dodd-Frank Act, a federal law that brought regulations to the financial industry.

Two weeks after Trump was sworn into office, he signed an executive order which could mean revising the act.

"There's not going to be wholesale ripping up of Dodd-Frank," said Chris Hurn, founder and CEO of Fountainhead Commercial Capital. 

Like others in the industry, he has been watching and waiting. 

He said even tweaking the act could have a remarkable impact on the economy.

"I think you'll have more available credit for home mortgages. You're going to have more available credit for small business loans, which is what we do," he said.

Hurn said he doesn't anticipate sweeping change, but believes the tweaks could mean car loans, credit cards, mortgages and small-business loans could become more accessible.

The move could also trigger a psychological effect, according to Hurn.

"Things like the consumer's comfort level, their arrogance and maybe their greed as well, but these things can have an impact on economies," he said.

The flip side?  Hurn said interest rates are on the rise.

"You get the good with the bad. There's probably going to be more availability of some of that credit, even though it may be slightly higher priced," he said.

Supporters of the Dodd-Frank Act believe the regulations were put in place for a reason and loosening them could lead to another financial collapse.

[WEB EXTRA:  President executive order]

The order was signed on February 3, and the president gave his administration 120 days to report back. 

 


About the Author:

Emmy Award-winning reporter Louis Bolden joined the News 6 team in September of 2001 and hasn't gotten a moment's rest since. Louis has been a General Assignment Reporter for News 6 and Weekend Morning Anchor. He joined the Special Projects/Investigative Unit in 2014.

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