The regulatory relief bill would raise the SIFI threshold to $250 billion of assets and allow mortgages held in portfolio to be counted as "qualified," among other items, but it is far less sweeping than institutions had hoped.
A bill that would ease Basel III capital requirements on commercial real estate loans could level the playing field between depository and nonbank lenders and spur more construction lending if it passes in the Senate.
During his time as Fed governor, chair-designate Jerome Powell has outlined his views on a host of bank regulatory matters, including the need for regulatory relief, the push for housing finance reform, blockchain and much more.
If President Trump picks Federal Reserve Board Gov. Jerome Powell as its next chair, it may represent the best of all worlds for bankers — a policymaker who will continue the central bank's monetary policy but be open to regulatory changes.
Lawmakers like Sen. Tim Scott may feel differently about some elements in a Senate regulatory relief bill depending on whether CFPB Director Cordray is remaining in office until his term expires in July.
The need to raise the U.S. debt limit, pass a budget, provide relief for victims of Hurricane Harvey and enact flood insurance and tax reform will dominate the remaining legislative calendar this fall.
The National Association of Federally-Insured Credit Unions defended the credit union tax exemption and called for other financial reforms during a meeting Tuesday with Treasury Secretary Steven Mnuchin.