The Senate Banking Committee recently advanced a bill designed to modernize regulations, benefit consumers and encourage economic growth.
Officials said the Economic Growth, Regulatory Relief and Consumer Protection Act primarily benefits credit unions, community banks, midsize banks, smaller regional banks, and custody banks while also offering protections for veterans, senior citizens, victims of fraud, and people who fall on tough financial times.
“The Economic Growth, Regulatory Relief and Consumer Protection Act is the product of a thorough, robust process and honest, bipartisan negotiations,” Sen. Mike Crapo (R-ID), chairman of the Senate Banking Committee, said. “The reforms in this bill help tailor the current regulatory landscape while ensuring safety, soundness and relieving the burden on American businesses that are unfairly being treated like the largest companies in our economy. This bill holds real promise for Main Street banks, businesses, and families.”
During the advancement process, officials said lawmakers added the Manager’s Amendment, which includes eight agreed-upon amendments which propose additional technical changes to the bill, as well as further credit bureau reforms, NCUA transparency measures and additional consumer protections.
Co-sponsors of the bill include Sens. Bob Corker (R-TN), Tim Scott (R-SC), Tom Cotton (R-AR), Mike Rounds (R-SD), Joe Donnelly (D-IN), Heidi Heitkamp (D-ND), Jon Tester (D-MT), and Mark Warner (D-VA).