• Banking Groups Push Senate To Pass Regulatory Relief Bill

    With the 2015 fiscal year quickly coming to an end, banking groups are pushing legislatures to move forward on a regulatory relief bill currently held up in the Senate — legislation that would alleviate some of the regulations implemented under the Dodd-Frank Act for community banks.

    The American Bankers Association, the Independent Community Bankers of America, the Credit Union National Association and the National Association of Federal Credit Unions wrote the chairman and ranking member of the Senate Banking Committee encouraging the lawmakers to pass the measure.

    “The growing volume and complexity of regulations is driving the decline in community financial institutions and their ability to best serve the needs of their customers and to generate local economic activity and jobs,” the letter read. “Remaining community financial institutions are forced to hire new compliance staff, instead of loan officers, and to adjust or eliminate the type of services that they can provide in their communities.”

    The bill, crafted by Republican Sen. Richard Shelby, would lift the Board of Governors of the Federal Reserve’s “enhanced supervision and prudential standards” for bank holding companies from $50 billion to $500 billion.

    “While no single piece of legislation is perfect, measures, such as S. 1484, the Financial Regulatory Improvement Act of 2015, are a step in the right direction,” they wrote.

    The bill passed committee along party lines and was added to the Financial Services Appropriation Bill, much to the dismay of anti-Wall Street Democrats.

    The Washington Examiner reports Democratic Sen. Elizabeth Warren could be the bills biggest obstacle, but the addition to the bill could be overlooked due to the attention surrounding Planned Parenthood funding and the Iran nuclear deal.

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