Moral of the story. Banks are saying “If we can’t do business the way we want, laws and consumer protection be damned, we’ll just take are ball and go home.” Sad.
How about more like "if you make loaning money illegal then we'll obey the law and not make loans" --and the American people get what they voted for.
On the flip side, I’ve had a local bank tell me
“given your history and credit worthiness, we’d love to give you a loan on that rental property, but Dodd-Frank won’t allow it.”
Twenty five years ago you could get a loan with just a few pages of forms. It’s a small phone book now. Dodd-Frank fixed nothing. Too-Big-To-Fail banks still exist and those pressures are worse than ever. Create some clear, objective rules and live by them. What we have now is executive whim and that’s essentially a tyranny.