Dodd-Frank News Center

Text of Economic Growth, Regulatory Relief, and Consumer Protection Act released

This story appeared in Bank Digest. 

Senators have released the text of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), bipartisan legislation that is the result of an agreement announced earlier this month on legislative proposals to improve the nation’s financial regulatory framework and promote economic growth. 

According to a Senate Banking Committee majority press release, the bill “right-sizes regulation for smaller financial institutions and includes important consumer protections for veterans, senior citizens and victims of fraud.” The release said the bill will also “improve our nation’s financial regulatory framework for Main Street banks, encouraging economic growth in local communities.”

 

Financial Services Committee holds markup hearing

This story appeared in Bank Digest. 

The House Financial Services Committee held a full committee markup on Nov. 14, 2017, to begin consideration of 23 bills, including the Mortgage Choice Act of 2017 (H.R. 1153), the Iranian Leadership Asset Transparency Act (H.R. 1638), the Investor Clarity and Bank Parity Act (H.R. 3093), and the Securing Access to Affordable Mortgages Act (H.R. 3221). 

According to the prepared opening remarks of Chairman Jeb Hensarling (R-Texas), the bills generally “will increase investment opportunities for more Americans. They will provide smaller businesses with greater access to the capital markets so those businesses can grow and create jobs. And certainly, they will deliver much-needed regulatory relief to community banks and credit unions so those Main Street financial institutions can better serve their customers.” 

But in her prepared opening remarks, Ranking Member Maxine Waters (D-Calif) said she was “disappointed that the Committee is moving forward today with marking up a large number of bills that could be harmful to consumers, investors and our economy.”