US lawmakers are returning to battle over lax mortgage lending as Democrats and their allies say Republicans want to let banks go back to the loose loan standards at the heart of the financial crisis.
Dennis Kelleher, chief executive of Better Markets, a non-profit group critical of Wall Street, said Mr Shelby was trying to help big banks restart a lucrative mortgage “gravy train”.
“This bill is not a serious bill. This is an ideological message bill, presumably targeted at Wall Street to pretend [Republicans are] fighting on their behalf,” he said.
Read the full Financial Times story by Barney Jopson and Ben McLannahan here.