President Trump's signing of the regulatory relief law in May was a culmination of multiple efforts to enact changes to ease banks' burden. But it also signaled the start of a new chapter: regulatory implementation.
The federal bank regulators issued a joint statement earlier this month identifying certain provisions of the law that took effect immediately. They also pinpointed some sections that will require future rulemaking or where they are weighing whether further action is necessary.
The banking agencies are considering issuing roughly a dozen different rulemakings in response to the bill spearheaded by Senate Banking Committee Chairman Mike Crapo, according to interviews with various regulatory officials. They cover topics ranging from the Volcker Rule to the exam cycle to liquidity requirements.
That workload pales in comparison to the mammoth undertaking needed to implement the Dodd-Frank Act following its 2010 enactment, but will prolong discussions among policymakers and industry representatives on reforming the post-crisis regulatory regime.
Read more in American Banker.