How Senate Bill Would Change Compliance For Midsize Banks

On March 14, the U.S. Senate passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, on a 67-31 vote.¹ The measure makes modest reforms to the Dodd-Frank Wall Street Reform and Consumer Protection Act generally aimed at relieving some of the regulatory burdens imposed on community and midsized banks.² While a number of senators criticized the bill as going too far in rolling back Dodd-Frank provisions, the legislation was crafted on a bipartisan basis by Senate Banking Committee Chairman Mike Crapo, R-Idaho, and several of the committee's Democratic members. Ultimately, 16 Democratic senators plus Sen. Angus King, I-Maine — over a third of the Democratic caucus — joined all Senate Republicans in passing the measure.