This update is part of a series of Mazars USA articles regarding banking regulations.
S.1255 the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Senate Banking Bill”) was passed by the Senate on March 14, 2018 in a strongly bipartisan 67-31 vote.
On May 22, 2018, the House passed the Senate Banking Bill with 258 yeas (225 Republicans and 33 Democrats) and 159 nays (1 Republican and 158 Democrats). The bill was enacted on May 24, 2018, after being signed by President Trump.
As discussed in the March 2018 Mazars Financial Services Trends Newsletter (on the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155), the Senate Banking Bill relaxes regulations on various financial institutions, including smaller community banks. However, it continues to maintain the core provisions of the Dodd-Frank Act.
Stay tuned for future updates on the implementation of the Senate Banking Bill, and the potential effects it will have on financial institutions.