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Thursday, July 23, 2015

ABA-Backed Regulatory Relief Provisions Attached to Spending Bill

The Senate Appropriations Subcommittee on Financial Services approved a spending bill for fiscal year 2016 that includes the text of the ABA-backed financial reform bill introduced earlier this year by Sen. Richard Shelby (R-Ala.). Shelby’s proposal would provide regulatory relief for community, mid-size and regional banks, tailor the regulatory structure for systemically important banks and begin restructuring within the Federal Reserve System and at Fannie Mae and Freddie Mac.

The appropriations process provides an alternative legislative mechanism for moving the regulatory relief provisions forward. Sen. John Boozman (R-Ark.), who chairs the subcommittee said:

This is the five-year anniversary of Dodd-Frank. We are losing community banks all the time because of one-size-fits-all and the compliance costs. This is just an effort to use every tool that we’ve got in an effort to provide them with some relief.

In addition to the Shelby provisions, the spending bill would replace the CFPB director with a five-member commission and bring the CFPB’s budget into the congressional appropriations process.

Read more.

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