The Consumer Bankers Association (CBA) is lobbying Senate leaders to support the Economic Growth, Regulatory Relief and Consumer Protection Act, which includes measures to reform regulations for banks.
The bill (S.2155), sponsored by Sen. Mike Crapo (R-ID), would exempt most community banks from the Volcker Rule and help more community banks build capital. Further, it would include higher asset thresholds for systemically important financial institution designations and ease stress testing requirements. Also, it would allow banks to offer products and services entirely through online and mobile channels outside their geographic footprint.
“CBA appreciates efforts to bring forth this important first step in bipartisan agreement on financial regulatory reforms. We urge Congress to look towards future bipartisan agreement to bring about additional and much needed legislative reforms to our financial regulatory system,” CBA President and CEO Richard Hunt wrote in a letter to Senate Majority Leader Mitch McConnell (R-KY) and Senate Minority Leader Charles Schumer (D-NY). “CBA supports the passage of S. 2155 and welcomes the opportunity to continue to work with the Senate to enact legislation that will reform the financial services regulatory framework and reduce the regulatory burden for financial institutions of all sizes.”
CBA is also urging Congress to establish a bipartisan commission to oversee the Consumer Financial Protection Bureau (CFPB).
“Notably absent from S. 2155 is critical legislation to transition the leadership structure at the CFPB from a sole director to a bipartisan, five-member commission … We strongly encourage the Senate to swiftly act on legislation to bring about needed reforms to the CFPB … to preserve the [Bureau] as an effective regulator, with a mission to protect consumers,” Hunt wrote.