Joint Letter of Support for S. 2155
Contact Your Member of Congress
March 14, 2018 Update - Regulatory Reform Bill Passes U.S. Senate
S. 2155, the bipartisan Senate regulatory reform package, passed the Senate by a 67-31 vote. The bill includes many long-standing IBA financial reform priorities including:
- Providing Qualified Mortgage designation for mortgages held in portfolio by banks with less than $10 billion in assets
- Simplifying capital calculations for community banks
- Reforming appraisal requirements for certain mortgages
- Raising the “systemically important” designation threshold
- Ending stress tests for banks with under $100 billion in assets
- Adding longer exam cycles for community banks
- Providing charter flexibility for federal thrifts with less than $20 billion in assets
Read more highlights of the bill. The IBA will urge the U.S. House to act quickly to move the reform bill to the President’s desk.
March 6, 2018 Update - A strong bipartisan vote in the Senate has brought S2155 -- the Regulatory Relief bill -- one step closer to reality. Thank you to the Senate for voting to move this critical legislation forward.
Senate Unveils Bi-Partisan Regulatory Reform Package
Senate Banking Committee Chairman Mike Crapo (R-Idaho) has brokered a Senate bi-partisan regulatory reform package. The package includes QM relief, HMDA relief, exemptions for certain escrow requirements under TILA, capital simplification for banks under $10 billion, exemptions for reciprocal deposits, an increase in the asset threshold for the 18-month exam cycle, and the raising of the SIFI designation threshold to $250 billion. While the IBA does not support the creation of additional asset thresholds, we are encouraged by this first step to provide meaningful regulatory reform that has bi-partisan support.
The IBA will continue our advocacy efforts and we hope that you will join us in urging our Illinois delegation to pass bi-partisan regulatory relief. You can write a letter to your member of congress here.