On Tuesday, May 23, 2018, The House of Representatives passed S. 2155, also known as the Economic Growth Regulatory Relief and Consumer Protection Act. Two days later, President Trump signed the bill info law. The bill rolls back reforms from the 2010 Dodd-Frank Act and promises to provide regulatory relief to credit unions and community banks. All signs point to a signature of the legislature by President Trump and passage into law.
Key Points
• Additional tailoring provisions both via this legislation and through the regulatory process
• Tailoring that matches regulation to the risks in the system while promoting economic growth
• This bipartisan legislation is the product of years of work by Senators seeking common-sense solutions to help regular people access capital
What does S.2155 do?
• Increases access to online banking (MOBILE Act)
• Provides greater protection for senior citizens against fraud
• Enhances community leaders’ ability to increase mortgage credit access
• Promotes investment in local and state building projects
• Tailor's regulatory requirements to allow a greater focus on lending