The Senate is poised to pass the most substantial bank regulatory relief since the crisis, but any disruption of the post-crisis regime is still eclipsed by how much the bill enshrines Dodd-Frank.
The legislation up for debate in the Senate reduces regulatory burdens for midsized financial institutions, a good step forward in amending the Dodd-Frank Act.
Senate Majority Leader Mitch McConnell, R-Ky., filed a motion on the Senate floor Thursday setting up a potential vote next week on the bipartisan regulatory relief package.
Democrats used a hearing with Fed Chair Jerome Powell to lay the groundwork for an intraparty debate over the merits of the Senate’s regulatory relief bill.
The legislation carves out protections for smaller banks to offer abusive loans to borrowers under the "qualified mortgage" standard, as long as they hold those loans in portfolio.
The interim head of the Consumer Financial Protection Bureau said the agency may allow prudential regulators to take the lead on more supervisory matters to cut down on duplication.
“Why we think we know better or how to protect consumers in your state surprises me,” acting CFPB Director Mick Mulvaney told a group of state attorneys general. “I don’t think we’ll being do much of that anymore.”
Banking Committee Chairman Mike Crapo said he is hopeful that a bipartisan deal to roll back certain Dodd-Frank Act regulations will soon have a vote on the Senate floor.
Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Tuesday that he is on the fence about whether to serve on the agency's board for the remainder of the year even after he is replaced as head of the agency.
