Sen. Mike Crapo, R-Idaho, welcomed Treasury Department recommendations on how to reform financial regulations and expressed optimism that many of the suggestions could become law.
Senators on both sides of the aisle paid lip service Thursday to giving relief to community banks and credit unions, but didn't appear closer to specifics of what would be in a bill.
The Fed is working on providing a more helpful guide to affected banks on how the central bank’s testing models work and taking a lighter touch to supervising bank boards.
The ability of federal agencies to interpret the Volcker Rule and other provisions of the Dodd-Frank Act could be a positive for advocates of deregulation.
The Financial Stability Oversight Council discussed its designation of certain nonbanks as systemically important and the "efficacy" of the Volcker Rule at a closed-door meeting on Monday.
Treasury Secretary Steven Mnuchin said fixes to orderly liquidation authority and the Volcker Rule would be included in regulatory recommendations to the president due this summer.
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