Sens. Jerry Moran (R-Kan.), Jon Tester (D-Mont.) and Mark Kirk (R-Ill.) introduced a bill to provide regulatory relief to banks. The bill, S. 1349, is very similar to the ABA-supported H.R. 1750, introduced in May by Rep. Blaine Luetkemeyer (R-Mo.).
The Senate bill would exempt banks with $10 billion in assets or less from Sarbanes-Oxley management attestation requirements, require the Federal Reserve to increase its small bank holding company asset threshold from $500 million to $5 billion, and both expand the QM safe harbor and provide exemptions from escrow requirements on first-lien mortgages for lenders with less than $10 billion in assets.