DODD-FRANK/POLITICS: “A group of senators have agreed to relieve regional banks from some expensive regulations put in place after the financial crisis, the most significant deal to curb the 2010 Dodd-Frank law in the Senate.
The bipartisan agreement released Monday, between Republicans led by Senate Banking Committee Chairman Mike Crapo of Idaho and a group of moderate Democrats, would exempt banks with up to $250 billion in assets from heightened oversight from the Federal Reserve, up from a current threshold of $50 billion.
Nearly 40 banks must comply with the existing rules. The legislation, if enacted, could reduce the number to around a dozen.
The deal would end the enhanced oversight for all banks with less than $100 billion in assets, including relief from annual stress tests and other stricter regulatory requirements. Banks with between $100 billion and $250 billion in assets would be exempted from the rules after 18 months, though it would give the Fed the authority to exempt some of those banks before that date.”
-Andrew Ackerman and Ryan Tracy, “Senate Lawmakers Reach Deal to Ease Post-Crisis Bank Rules,” The Wall Street Journal online, Nov. 13, 2017 02:25pm