Today In Washington
March 8, 2018
Source: Mark Lee – Director, Government Relations
Senate Debates Dodd-Frank Relief – This week, the Senate has been debating S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” This bill amends the Dodd-Frank law to provide regulatory relief to small and midsized financial institutions. Among the bill’s provisions, the designation threshold for banks to be considered Systemically Important Financial Institutions (SIFI) would be increased from $50 billion to $250 billion, and banks with under $10 billion in assets would be exempted from the Volker Rule. It would also permit financial institutions to accept a scanned or copied driver’s license as personal identity verification, when a potential customer opens an account or applies for financial products or services online. Over 100 amendments have been filed, and consideration of the bill will continue into next week.
Senate Small Business Mark-up – The Senate Committee on Small Business & Entrepreneurship will hold a legislative mark-up next Wednesday, March 14. The Committee is currently compiling a list of potential legislation for consideration.