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Sweeping New Banking Bill Passes House, Gaining Full Congressional Approval

 

Having passed the House with a 258-159 vote on Tuesday, a new banking bill will roll back a number of Dodd-Frank regulatory requirements for community, as well as other smaller and medium-sized, banks.

The bill, which is now headed to the desk of President Trump, is expected to be signed into law within the next few days.

Specifically, the new law will relax thresholds for meeting a number of regulatory requirements for financial institutions with total consolidated assets of less than $250 billion.

Many see the passage of what’s being called the Bipartisan Banking Act as a first step. A May 22nd article in the New York Times says: “Republicans saw Tuesday’s vote as merely the beginning, not the end, of the Dodd-Frank legislative rollback.”

Donnelley Financial Solutions will monitor this new legislation and any related developments to keep our banking clients abreast of the effects on their disclosure and regulatory filings.

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