The chairman of the Senate Banking Committee announced a deal on Monday with nine Democratic senators to exempt more than a dozen mid-sized banks from strict post-crisis regulations.
The bill from Chairman Mike Crapo (R-Idaho) would raise the asset threshold at which a bank holding company is considered a “systemically important financial institution” from $50 billion to $250 billion. The deal would also exempt all banks with less than $100 billion in assets from federal oversight immediately.
The bill is sponsored by eight other Republican senators, seven of which are on the Banking Committee, and nine Democrats.
The bill also includes measures to expand consumer access to mortgages, reduce regulations on community banks and limit credit report data collection.
Senators have been hashing out a bill geared at providing regulatory relief for small and mid-sized banks subjected to strict post-crisis rules. The deal announced Monday is the broadest bipartisan effort to reshape Dodd-Frank.
Read more in The Hill.