WASHINGTON (AP) – A bipartisan group of senators has announced an agreement on legislation to provide banks and credit unions relief from some of the stricter regulatory requirements approved after the financial crisis.
The lawmakers say the agreement is targeted at helping local community banks, but it also includes regulatory relief for larger financial institutions.
For example, the agreement would raise the threshold at which bank holding companies are considered too big to fail and are subject to stricter capital and planning requirements. Under the agreement, the threshold moves from $50 billion in assets to $250 billion.
The bill is much narrower than what the House has passed in an effort to undo much of the financial law, known as Dodd-Frank.
The 18 co-sponsors of the bill include nine Democrats and nine Republicans.
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