On December 5, the U.S. Senate Banking Committee approved S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, which amends several regulations imposed under the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).
S. 2155 is intended to provide regulatory relief to smaller financial institutions by streamlining capital requirements for community banks and credit unions while leaving the Dodd-Frank regulations imposed on larger financial institutions intact. Drafted by Senate Banking Committee Chairman Mike Crapo (R-ID) and several moderate Committee Democrats including Senators Heidi Heitkamp (D-ND), Joe Donnelly (D-IN), Mark Warner (D-VA) and John Tester (D-MT), the legislation also aims to lower the number of banks considered “systemically important” and thus subject to enhanced bank supervision rules.
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