Regions Bank a big victor of Dodd-Frank rollback law
Regions Bank a big victor of Dodd-Frank rollback law
Trump signs Dodd-Frank rollback: 'We are unleashing the economic potential of our people'
26 May, 2018, 20:28
Tenney's opponent, Democrat Anthony Brindisi, said the rollbacks give too much freedom to banks close to meeting that $250 billion dollar-threshold. Such banks are subject to stricter capital and planning requirements.
It was aimed at especially helping small and medium-sized banks, including community banks and credit unions.
The final measure represents a compromise that leaves the overall structure of the post-financial-crisis rules in place and does not touch the Consumer Financial Protection Bureau, a watchdog agency created after the crisis.
However, it is not clear if there is enough appetite among moderate Senate Democrats to advance such legislation, after a bruising fight to pass the bank bill.
Congresswoman Claudia Tenney contributed two pieces of legislation to the reform bill, including one that extends the time between bank accounting exams, and another that rolls back escrow regulations.
Rep. Jeb Hensarling, the Texas Republican who heads the House Financial Services Committee, said Main Street banks "have been suffering for years under the weight" of the Dodd-Frank regulations.
Republican lawmakers, with Hensarling at the forefront, have been chafing at Dodd-Frank's restrictions in the eight years since its enactment by President Barack Obama and Democrats in Congress, and finally prevailed with Tuesday's vote. Under Dodd-Frank, regional banks like Regions with at least $50 billion in assets were subject to the tests; Regions has $123 billion in assets.
Financial firms that will be exempted include Charles Schwab, Suntrust Banks and American Express, among others, according to Height Securities. The new bill exempts banks with less than $10 billion in assets from the rule.
Regions Bank, headquartered in Birmingham, will no longer have to submit to stress tests from the Federal Reserve to determine if it could weather a financial crisis.
President and CEO of the Independent Community Bankers of America said that the Dodd-Frank rollback bill "unravels numerous suffocating regulatory burdens our nation's community banks face and puts community banks in a much better position to unleash their full economic potential".
"And there is something so nice about bipartisan, and we're going to have to try more of it. Let's do more of it", President Trump added. "Small community banks and credit unions actually provide key lending to our small business community".
In response to the Equifax breach that exposed personal information for more than 145 million Americans, the bill requires free credit freezes for all consumers affected by data breaches.
For the more than 5,000 community banks in the industry, profits rose 17.7 percent, to $6.1 billion, during the first quarter, according to the FDIC report. Now most states allow the credit reporting companies to charge consumers a fee for freezing their credit.
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