First Major Dodd-Frank Reform Bill Signed Into Law

On May 24, 2018, President Trump signed into law the first major financial services reform bill since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") in 2010. The Economic Growth, Regulatory Relief, and Consumer Protection Act (the "Reform Law") is not a wholesale repeal of the Dodd-Frank Act, but it does modify or eliminate certain requirements on community and regional banks and nonbank financial institutions in particular that have been perceived to be especially burdensome. The hallmark of the Reform Law is the increase, from $50 billion to $250 billion, of the threshold at which a large banking organization automatically becomes subject to enhanced prudential standards. The Reform Law contains several other important provisions, including: