News Alert: Congress passes rollback of banking rules put in place after financial crisis, sending bill to Trump to sign
Posted on 05/24/2018 at 10:17 AM by Jesse Johnston
On May 22, the House passed the Economic Growth, Regulatory Relief and Consumer Protection Act, a bill that significantly repeals some of the more stringent regulations passed in the 2010 Dodd-Frank legislation. Specifically, the bill sought to provide simplified capital calculation rules for banks, regulatory relief regarding mortgage reporting and disclosures, and a lessening the reporting and exam schedules for well-managed and well-capitalized institutions.
The regulatory relief had broad bipartisan support, largely because this bill attempts to remove the regulatory burdens that were placed upon smaller financial institutions and community banks through the Dodd-Frank Act. The American Bankers Association and the Independent Community Bankers of America have issued summaries of the bill and how it may impact our community banks.
The material in this blog is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal information is needed.
- Jesse Johnston
Categories: Jesse Johnston, Banking Law
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