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  • EnactedMay 24th, 2018
    The President signed this bill into law
  • The house Passed May 22nd, 2018
    Roll Call Vote 258 Yea / 159 Nay
  • The senate Passed March 14th, 2018
    Roll Call Vote 67 Yea / 31 Nay
      senate Committees
      Senate Committee on Banking, Housing, and Urban Affairs
    IntroducedNovember 16th, 2017

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What is it?

This bill would aim to improve consumers’ access to mortgages, and provide regulatory relief for smaller financial institutions — defined as those with less than $10 billion in assets — while enhancing consumer protections for veterans, senior citizens, and victims of fraud.

Consumer Protections

Credit reporting agencies would be required to provide consumers with one free freeze alert and one free unfreeze alert per year, and provide further protections for minors. Protections would be extended to individuals who in good faith and with reasonable care disclose the suspected exploitation of a senior citizen to a regulatory or law enforcement agency.

Medical debt incurred by veterans that predates a credit report by less than one year, and a fully paid or settled medical debt that had been delinquent or in collection would be excluded from consumer reporting information. A dispute process for consumer reporting agencies related to veterans’ medical debt would be established.

Private student loan borrowers would be able to request that a reported default be removed from a credit report if the borrower successfully participates in a rehabilitation program offered by a financial institution.

The Protecting Tenants at Foreclosure Act would be permanently reauthorized after it was repealed at its sunset on December 31, 2014.

Mortgage Access

Mortgage loans that are originated and retained in portfolio by an insured bank or credit union with less than $10 billion in assets would be deemed “qualified mortgages” for regulatory purposes, while consumer protections under the Truth in Lending Act are maintained.

Small depository institutions that have originated less than 500 closed-end mortgages or less than 500 open-end lines of credit in each of the two prior calendar years would be exempt from certain disclosure requirements.

The three-day wait period for the combined TILA/RESPA mortgage disclosure would be removed if a lender extends to a consumer a second offer of credit with a lower annual percentage rate.

Regulatory Relief

Federal banking agencies would be required to establish a community bank leverage ratio of tangible equity to average consolidated assets of between 8 and 10 percent. Banks with under $10 billion in total consolidated assets maintaining tangible equity in an amount exceeding the leverage ratio would be considered in compliance with capital and leverage requirements.

The consolidated asset threshold in the Federal Reserve’s Small Bank Holding Company Policy Statement would be raised from $1 billion to $3 billion. Such banks would qualify for an 18-month regulatory examination cycle.

The threshold for apply enhanced prudential standards would be raised from $50 billion to $250 billion. Bank holding companies between $50 and $100 billion would be exempt immediately, while those between $100 and $250 billion would be exempt after 18 months. The Federal Reserve would still have the authority to apply enhanced prudential standards after the effective date or exempt firms from the standards, and be required to conduct periodic stress tests after the standards are applied.

Impact

Consumers of financial services; banks and credit unions, particularly those with less than $10 billion in assets; and financial regulators.

Cost

A CBO cost estimate is unavailable.

More Information

In-DepthSponsoring Sen. Mike Crapo (R-ID) introduced this bill to provide regulatory relief for community lenders and enhance consumer protections:

“A strong and vibrant economy is important for American consumers, businesses, and the stability of the financial sector. This bipartisan legislation will significantly improve our financial regulatory framework and foster economic growth by right-sizing regulation, particularly for smaller financial institutions and community banks.”

This legislation has the support of 25 bipartisan cosponsors in the Senate, including 13 Democrats and 12 Republicans.


Media:

Summary by Eric Revell

(Photo Credit: simonkr / iStock)

AKA

Economic Growth, Regulatory Relief, and Consumer Protection Act

Official Title

A bill to promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes.

    Yes, federal regulatory constraints should continue to be removed to open the door for more free market activities.
    Like (63)
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    Stop the deregulation of our financial industry! These kinds of bills are only dragging us down the same road that led to the financial crash and Great Recession. Americans are not asking for bank deregulation. The focus should be on gun laws!
    Like (320)
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    Anytime there is a Republican involved with a banking regulation or policy, you can be sure it is unethical. They place a lot of spin in the title of the bill and it performs the exact opposite of what it sounds like. These politicians should be charged with fraud and trying to mislead the Citizens. They should be imprisoned for their unethical acts and behaviors.
    Like (162)
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    Have we learned nothing from our previous deregulation attempts?
    Like (122)
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    Only if the banking institutions agree to no taxpayer bailouts when they belly up and agree to doing none of practices that led up to the 2008 crash! HA! Will never happen so NO!
    Like (50)
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    We should support small banks. The regulatory burden should increase as the size of the bank increases.
    Like (42)
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    Stop the deregulation for the sake of business interests and against the interests of the American people. You all may believe you are immune to the next Great Recession, but most of your constituents are not. When it happens as a result of your self-interest and lobbyist actions, you will not be immune. You will be powerless like the rest of us as you lose your Congressional seats.
    Like (39)
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    Parts of the bill claim to offer consumer protections. However, these measures are either illusionary, inadequate, or when real, they are modest and far outweighed by measures that re-expose Americans to a wide array of dangerous and abusive financial practices.
    Like (34)
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    This is what led to the big bailouts for the banks. Why is our Congress doing this? Haven’t you heard doing the same thing and expecting a different result is insanity? Please don’t send us down the same path.
    Like (30)
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    It's been said this bill will help smaller banks and FCUs, and while I would support a bill narrowly designed for that, that is NOT this bill at all. This bill would allow big banks to get even bigger and adds another threat to economic stability after all that the President and GOP have done lately to already destabilize things. We do not need another crash. We need more support. I strongly urge my Senators to not pass this bill.
    Like (20)
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    This bipartisan bill provides common sense reforms to modernize regulations for community banks and credit unions, while enhancing consumer protections for veterans, senior citizens, victims of fraud, and people who fall on hard times.
    Like (17)
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    The Title is a Shell Game! Although it does help community banks (very few survive) it also eases restrictions on the Too Big To Fail banks. Just what we need to speed our descent into the next crash. Democrats in favor were BOUGHT OFF!
    Like (14)
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    Do not vote for this bill. Do we need to suffer through another 2008 again?
    Like (13)
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    This will help cause the "Second Great Recession" if this passes! The "consumer protections" offered in this bill are either too modest or are too ineffective. This is just sick ploy to use community banks as an excuse to deregulate ALL banks, including the same big banks that contributed to the Financial Crisis in 2007 and 2008! Also, notice how all the cosponsors (Both Republicans and Democrats) of this bill have each accepted thousands of dollars in contributions from big banks. Follow the money!
    Like (12)
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    The Senate needs to reject this dangerous bill that puts America at risk of another financial crisis.
    Like (11)
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    Don’t bring back the Great Depression to feed your wealthy donors!
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    Keep the Dodd-Frank bill to protect the country from another financial crisis. Republicons are working really hard to destroy our country! We must unite to stop them and put the country back on track to taking care of everyone, don’t let selfishness and greed rule the day.
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    This was a bill that passed the Senate with 67 votes. That tells you how bipartisan this bill is and how normal it is. For you to be against it, you are simply just taking an extreme left wing position and hope that we have more regulations of our smaller banks, who played no part in the 2008 crash.
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    The Great Recession showed that we need Dodd-Frank, just as the Great Depression showed that we needed the FDIC! We need regulation on financial institutions, because every time that Republicans mange to get regulations repealed, there is a major financial downturn! EVERY DAMN TIME! "THOSE WHO DO NOT KNOW HISTORY ARE CONDEMNED TO REPEAT IT!" But in the case of the Republicans, it is not ignorance but willful stupidity! Or shall I say willful catering to their Big Business donors who become their bosses! Because they selfishly do not care about anyone but themselves!
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    Remember the last financial crisis?? I do never again!!
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