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Thursday, May 7, 2015

Insurance Changes to Dodd-Frank Expected Next Week in U.S. Senate

Senate Banking Committee Chairman Richard Shelby (R-AL) is pushing ahead with a regulatory reform bill to ease rules implemented by the 2010 Dodd-Frank Act.  The bill, which is scheduled for mark-up on May 14, gives small U.S. banks more flexibility to operate by exempting them from certain federal regulations put in place after the 2008 financial crisis.  The bill is also expected to ease regulations on regional banks such as Comerica Inc. and insurers such as Allstate Corp.

Senator Shelby has been working with Senate Banking Commitee Ranking Member Sherrod Brown (D-OH) to seek Democrat support for a bipartisan bill that will gain the 60 votes needed for passage.  Senator Brown prefers a more targeted approach that would help small lenders and community banks, but not trickle up to larger banks.  “Democrats are ready, willing, and able to provide regulatory relief for community banks and credit unions,” Brown said in a statement.  Senator Shelby will have to present Brown with a draft of the bill before the scheduled mark-up next Thursday.