While ABA opposed cutting Fed dividends to pay for the highway bill, the final legislation also includes several regulatory relief measures that are part of ABA’s Agenda for America’s Hometown Banks and that ABA has sought this Congress.
These provisions would: expand the number of banks eligible for the 18-month exam cycle, equalize the SEC registration and de-registration thresholds for savings and loan holding companies, reduce the burden of unnecessary privacy notice paperwork, expand Trups CDO relief for smaller bank holding companies and establish a process for designating an area rural for purposes of Consumer Financial Protection Bureau exemptions.
“While we were extremely disappointed that the final bill undermines a key agreement underpinning the U.S. banking system, we were pleased to see several long-overdue regulatory relief provisions included,” said ABA EVP James Ballentine. “These are bipartisan, common-sense reforms that will strengthen the ability of America’s hometown banks to serve their customers and communities.”
The final bill also leaves out an ABA-opposed extension of higher guarantee fees, includes language reauthorizing the Export-Import Bank and repeals a provision in the recent budget bill that would have hindered the private-sector delivery of crop insurance.