CBA Supports Sen. Shelby’s Regulatory Relief Bill
The CBA joined the ABA and state bankers associations as signatories on a letter supporting Senator Richard Shelby’s “Financial Regulatory Improvement Act of 2015.” The associations noted that the ability of our nation’s financial institutions to support the needs of the economy has been limited by regulatory impediments that both restrict the flexibility to serve those needs and tie up substantial internal resources on unnecessary compliance exercises. The “Financial Regulatory Improvement Act of 2015″ represents an imperative first step in that regard. It is neither overly broad nor overly narrow, and provides targeted relief in areas identified as warranting congressional attention and debate.
Last Thursday, Senate Banking Committee passed Sen. Shelby’s bill by a vote of 12-10. While the bill cleared the committee on a party-line vote, statements from committee leaders pointed to further negotiations on elements of the bill, including the asset threshold for systemically important banks. The bill keeps the $50 billion threshold in place, but changes the process the regulators use to make the determination for institutions below $500 billion. Ranking Member Sherrod Brown (D-Ohio) signaled that he would support a higher designation level than today’s $50 billion. The bill is now eligible for consideration on the Senate floor.