Regulatory relief

Senators on both sides of the aisle paid lip service Thursday to giving relief to community banks and credit unions, but didn't appear closer to specifics of what would be in a bill.

Sen. John Kennedy, R-La., said he wants policymakers to flesh out a potential return of the Glass-Steagall Act, but wasn't sure if it should separate commercial and investment banking.

There is a great opportunity this year to show the world that Congress can still pass bipartisan, common-sense legislation that helps lift the U.S. economy.

The Senate Banking Committee may pass a number of small legislative proposals to help banks and credit unions, but the panel is still figuring out what sort of package can ultimately be agreed upon, top Democrats said Tuesday.

While a House bill expected to be passed this week has little chance in the Senate, some of its individual provisions could be enacted by Congress, including one aimed at banks' systemic threshold.

The Government Accountability Office has agreed to a request by a GOP lawmaker to examine whether Congress can reject regulators' guidance.

Treasury Secretary Steven Mnuchin was pressed for his views on housing finance reform, what a “modernized” version of the Glass-Steagall Act would look like and a two-tiered regulatory system.

A House Republican bill would allow lax lending standards to creep back into the financial system by gutting the CFPB, according to a letter from 158 law professors and scholars.

The House Financial Services Committee approved the Financial Choice Act by 34 to 26. While it has enough support to clear the GOP-controlled House, it is unlikely to gain traction in the Senate.

The House Financial Services Committee began debate Tuesday on a sweeping regulatory reform bill, yet while it is expected to pass on party lines, few expect it to stand a chance in the Senate.