Wednesday, 23 October, 2019

Winners and losers from USA banking rule rewrite

Winners and losers from USA banking rule rewrite Winners and losers from USA banking rule rewrite
Russell Knight | 27 May, 2018, 12:48

Nearly a decade after the financial crisis gripped America, the Trump administration introduced one of the most substantive changes to banking regulation in recent years on Tuesday.

The Republican-led legislation cleared Congress on Tuesday with the help of some Democrats' votes and allowed Mr. Trump to realize his campaign pledge of dismantling the landmark Dodd-Frank law.

Trump held a signing ceremony at the White House not long after announcing the cancellation of his planned June summit with North Korean leader Kim Jong Un. Banks between $50 billion and $100 billion in assets are left out of the regime, while the Federal Reserve can decide if those between $100 billion and $250 billion still face enhanced supervision. But banks and credit unions have still hailed the reforms that were negotiated by a key group of Senate Republicans and moderate Senate Democrats.

Backers of the legislation argue that loosening the restraints would boost lending and the economy.

Supporters say the measure's benefits are limited nearly exclusively to small and regional banks, but critics challenge that argument, noting a Congressional Budget Office assessment that there's about a 50 percent chance that behemoths JPMorgan and Citibank could take advantage of provisions aimed at helping smaller firms.

"This bill will further ensure consumer protections and adequate access to mortgage credit", Stevens said.

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Naturally, approval for the revision of Dodd-Frank runs strong at NFIB, where a 2017 survey revealed that 82 percent of its members supported a revision by Congress of the Dodd-Frank Act to allow community banks greater flexibility when determining whether to make a loan, according to the letter. The test assesses whether a bank has a big enough capital buffer to survive an economic shock and keep on lending.

The legislation eases oversight of all banks below $250 billion in assets, and exempts small community banks from a host of stricter rules and oversight established by the 2010 Dodd-Frank financial reform law.

"This is truly a great day for America", the president said.

"This thoughtful, bipartisan legislation delivers significant relief for local community financial institutions throughout the nation", Shelby said in a statement "The passage of this bill corrects hastily prepared regulations that have been enforced since the enactment of the failing Dodd-Frank, removing barriers that have halted the growth of small business for years".

The banking law also adds to Trump's marquee pro-business legislative achievement, the sweeping tax bill enacted late previous year that deeply cut taxes for corporations and wealthy individuals and offered more modest reductions for most ordinary Americans. In many states, consumers had to pay $10 to each credit-reporting agency to protect their personal information after the hack. Now most states allow the credit reporting companies to charge consumers a fee for freezing their credit.

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