Senator Richard Shelby (R-AL), Chairman of Senate Banking Committee, announced late Friday he was pushing back the planned vote on the regulatory relief package until May 21 due to Democrat opposition.
"This is a process and some members of the committee are concerned about the openness of the process," said James Ballentine, the chief lobbyist for the American Bankers Association. "Those issues can be overcome and based on our conversations with members of both sides of the aisle there is a strong desire to reach agreement on regulatory relief."
Chairman Shelby is expected to release an eight-section, 216-page draft bill around noon today to members of the Senate Banking Committee. Senator Shelby's office has stated that they are open to modifying legislation and striking provisions before the scheduled committee vote.
Raising the systemic threshold above $50 billion of assets, reforms to the Fed structure, changes to privacy notices, exam schedules and the CFPB's mortgage rule are some of the key reforms expected to be included in the bill.