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Thursday, May 21, 2015

Senate Democrats Unveil Competing Regulatory Relief Bill

Democratic members of the Senate Banking Committee yesterday released a much narrower regulatory relief bill as an alternative to Shelby’s more sweeping bill. The Democratic proposal would allow mortgages held in portfolio to receive the Qualified Mortgage safe harbor, reduce the burden of unnecessary privacy notice paperwork and extend the exam cycle for more institutions.

The bill excludes other ABA priorities, including provisions adjusting the thresholds for SIFI designation and stress testing requirements, providing for a short-form Call Report and establishing an exam ombudsman.

Read a summary of the bill.