The House voted 217-199 on Thursday to approve a spending bill that includes measures to give the Federal Reserve sole control over the Volcker Rule and reduce the frequency of living will submissions to every two years.
While the deregulatory provisions are likely to get watered down in the Senate, both chambers must agree on a budget by the end of September to keep the government open.
Industry groups praised the measures, but some are seeking additional changes, including more funding for the Community Development Financial Institutions program. The House bill would set CDFI funding at $223 million, while the Senate version has a higher level of $250 million.
The budget bill would also enable banks to have an outside examination review director review material supervisory determinations by the Consumer Financial Protection Bureau and would expedite the process for banks to appeal examination findings.
Read more in American Banker.