The Senate is poised to pass the most substantial bank regulatory relief since the crisis, to many bankers' delight and progressive Democrats' alarm. But any disruption of the post-crisis regime is still eclipsed by how much the bill enshrines Dodd-Frank.

The bill, which appears headed to a vote within days and is the culmination of negotiations between Senate Banking Committee Chairman Mike Crapo, R-Idaho, and moderate Democrats, would raise the asset threshold for “systemically important" financial institutions to $250 billion from $50 billion, and make other adjustments to stress test and mortgage data collection requirements, among others.

“Republicans, who fought Dodd-Frank title by title from start to finish, now with control of the legislative and executive branches, only pursued a rationalization of Dodd-Frank over an architectural or structural redo,” said Jeffrey Stoltzfoos, a senior policy adviser at Venable. He added that Republicans are also pursuing structural changes to Dodd-Frank through regular order rather than a vehicle that could bypass the 60-vote filibuster.

Read more in American Banker.