By Jeff Bater
The Senate Banking Committee has scheduled a Dec. 5 vote on a bipartisan bill that would relax Dodd-Frank Act rules for community lenders and regional banks.
The committee announced Nov. 17 that it will mark up the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The sponsor is Sen. Mike Crapo (R-Idaho), who chairs the committee. Co-sponsors include nine Democrats, nine Republicans, and one Independent.
Crapo’s bill raises the threshold for labeling banks as systemically important to $250 billion in assets from the current level of $50 billion set by the 2010 Dodd Frank law. SIFI designation subjects banks to stricter oversight and higher compliance costs.
The bill also offers a number of breaks for community banks, including short-form call reports and extended examination cycles.
The long-awaited proposal was unveiled by the committee Nov. 13, some five months after the House approved the Financial Choice Act, a sweeping bill that rolls back much of the Dodd-Frank Act.
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