The bill passed by the House took a more cautious approach to relief than prior legislative proposals but has still been hailed by banking industry groups.
The Senate bill is a huge win for the banking industry, but there are still plenty of unresolved legislative issues of interest to financial institutions.
Policymakers should spend more time focused on limiting risky activity through measures like the Volcker Rule than on demanding ever-higher levels of bank capital.
A provision to remove new mortgage recordkeeping requirements would help overburdened community banks lend without disrupting data collection that is used to police discrimination.
It's too late for Congress to overturn the consumer bureau's regulation on short-term lending, but acting Director Mick Mulvaney will have plenty of chances to reshape it.
Acting CFPB Director Mick Mulvaney suggested that digital mortgages should be held to different standards than ones originated by credit unions and banks.
