The agency wants to change underwriting requirements in the regulation that lenders say will put them out of business, and give companies a break on the compliance deadline.
The central bank will hold an open meeting Oct. 31 to discuss changes to the enhanced supervisory regime as required by the regulatory relief bill passed in May.
Despite headlines touting a handful of populist candidates this election season, moderate Democrats will still have a significant role to play if the party takes the chamber in November.
Bankers say the agencies’ proposed rewrite of the trading ban would do more harm than good, while the Volcker Rule’s most ardent supporters worry the overhaul will enable risky behavior by the largest institutions.
Banks technically relieved of the “systemically important” label in last spring’s legislative package are lobbying regulators hard over concerns that they could still face tough standards.
The legislative highlights of his career as House Financial Services Committee chairman were bills too extreme to become law. But the retiring lawmaker says they were still worth pursuing.
The group is launching an "educational campaign" to praise the role played by House and Senate members in unwinding certain provisions of the Dodd-Frank.
The heavy workload is not limited to implementing the financial regulatory reform bill enacted last spring, as the agencies also work to craft reforms of the Community Reinvestment Act and adjust key capital measures for the biggest banks.
Otting says the bank is not moving fast enough to repay customers who were unfairly sold auto insurance; lack of regulation lets traders use software to move prices.
