News reports indicated that several ABA-supported regulatory relief measures and other provisions relating to community banks have been attached to legislation in the final week of this Congress.
The 2015 spending bill released by House Republicans includes a provision repealing the Dodd-Frank Act’s swaps pushout rule, which requires banks to get rid of derivatives trading businesses. A bipartisan House majority passed a swaps pushout repeal bill last year.
Meanwhile, the House version of the Terrorism Risk Insurance Act renewal bill — a legislative priority of the American Bankers Insurance Association — is expected to include an ABA-backed measure exempting end users of derivatives from posting margin for uncleared swaps.
The Senate version of TRIA renewal is expected to include a previously passed provision reserving at least one seat on the Federal Reserve Board for a member with community banking experience. ABA and the state bankers associations have often called for the president to nominate a board member with such a background.