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Trump Signs Dodd-Frank Rollback
President Trump has signed a bill to rollback regulatory requirements for mid-sized banks. The legislation, which had already been approved by both the House and Senate, removes some of the burdens caused by the Dodd-Frank Act regulations.
Trepp’s Russell Hughes says, “The vast majority of the bill’s benefits will be a welcome relief to ‘Main Street’ banks – those institutions with less than $10 billion in assets, which typically serve small and mid-sized markets.”
The new legislation exempts mid-sized to smaller banks from mandatory DFAST stress tests, as well as the Volcker Rule. It also raises the “systemically important financial institution” threshold from $50 billion to $250 billion. That means just 12 banks now will be subject to the Fed’s most stringent regulation, including annual stress tests.
It also eases mortgage loan data reporting requirements for most banks, which is expected to get community banks back in the mortgage lending business.
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