These provisions would: expand the number of banks eligible for the 18-month exam cycle, equalize the SEC registration and de-registration thresholds for savings and loan holding companies, reduce the burden of unnecessary privacy notice paperwork, expand Trups CDO relief for smaller bank holding companies and establish a process for designating an area rural for purposes of CFPB exemptions. ABA EVP James Ballentine said:
While we were extremely disappointed that the final bill undermines a key agreement underpinning the U.S. banking system, we were pleased to see several long-overdue regulatory relief provisions included. These are bipartisan, common-sense reforms that will strengthen the ability of America’s hometown banks to serve their customers and communities.
The final bill also leaves out an ABA-opposed extension of higher guarantee fees, includes language reauthorizing the Export-Import Bank and repeals a provision in the recent budget bill that would have hindered the private-sector delivery of crop insurance.