Small-Bank Regulatory
Reform Stymied as Key Senators Can't Agree
Negotiations between staffs for Senate Banking Chairman Richard Shelby (R-Ala.) and the panel's top Democrat, Sen. Sherrod Brown of Ohio, stalled recently on a bipartisan regulatory package to lighten the regulatory burden on small- and medium-size banks. Members of Shelby's and Brown's teams met at least once a week to discuss the legislation for a total of at least two-dozen meetings. However, Shelby's staff felt they made "no discernible progress" in securing specific commitments from Brown’s side -- even on community bank and credit union regulatory measures. "Democrats are ready, willing, and able to provide regulatory relief for community banks and credit unions," Brown said on April 29. Shelby’s team is in the process of drafting a bill that will include measures to ease regulatory requirements on smaller banks, with plans for the Senate Banking Committee to debate and vote on the bill on May 14. The plan is to share the draft with Brown’s office ahead of that meeting to see if he can support it. Some Democrats have been put off by Shelby’s apparent desire to add provisions that would broaden the bill’s scope. The bill might include provisions impacting the Federal Reserve, Financial Stability Oversight Council, the insurance industry, and regional banks, according to a Democratic aide.
From "Small-Bank Regulatory Reform Stymied as Key Senators Can't Agree"
Wall Street Journal (05/01/15) McGrane, Victoria
Negotiations between staffs for Senate Banking Chairman Richard Shelby (R-Ala.) and the panel's top Democrat, Sen. Sherrod Brown of Ohio, stalled recently on a bipartisan regulatory package to lighten the regulatory burden on small- and medium-size banks. Members of Shelby's and Brown's teams met at least once a week to discuss the legislation for a total of at least two-dozen meetings. However, Shelby's staff felt they made "no discernible progress" in securing specific commitments from Brown’s side -- even on community bank and credit union regulatory measures. "Democrats are ready, willing, and able to provide regulatory relief for community banks and credit unions," Brown said on April 29. Shelby’s team is in the process of drafting a bill that will include measures to ease regulatory requirements on smaller banks, with plans for the Senate Banking Committee to debate and vote on the bill on May 14. The plan is to share the draft with Brown’s office ahead of that meeting to see if he can support it. Some Democrats have been put off by Shelby’s apparent desire to add provisions that would broaden the bill’s scope. The bill might include provisions impacting the Federal Reserve, Financial Stability Oversight Council, the insurance industry, and regional banks, according to a Democratic aide.
From "Small-Bank Regulatory Reform Stymied as Key Senators Can't Agree"
Wall Street Journal (05/01/15) McGrane, Victoria
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