Lawmakers voiced bipartisan support for regulatory relief during the Credit Union National Association government affairs conference on Tuesday, arguing that small financial institutions have had to bear the brunt of too many regulations.
In an exclusive American Banker poll, bankers see President Trump as a positive force for the financial services industry and are optimistic his administration can deliver on CFPB reform and simpler capital rules.
Congressional Republicans are weighing potentially broad changes to the stress test program, including alterations to the way the tests are performed and the consequences of failing them.
The new group, which will work alongside the bank’s lobbyists and focus on policy at U.S. and overseas regulators, is being run by Kevin Bailey, an alum of the OCC and GE Capital.
Rep. Blaine Luetkemeyer, the chairman of the House financial institutions subcommittee, said Wednesday that he plans to reintroduce a bill that would change the way banks are designated as systemically important.
Senate Banking Committee Chairman Mike Crapo said Wednesday that although he plans to begin working on housing finance reform and changes to the Dodd-Frank Act, the poor relationship between Democrats and Republicans will hinder any progress.
Steven Mnuchin was confirmed 53 – 47 as Treasury secretary late Monday after two days of debate that included Democrats questioning the former banker's honesty.
Regional banks don’t pose risks to the financial system that have caused concern among policymakers, executives of 18 banks told top Republican and Democratic lawmakers in Congress.
Banks have spent years and billions of dollars to comply with post-crisis reforms. But with a new administration and Congress aiming to roll back the regulatory tide, whether those compliance costs go down is an open question.
