Community banks and credit unions across the country will soon receive relief from certain regulations that govern banks under the Dodd-Frank Act, thanks to The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which was signed into law on Thursday by President Trump. "I'll be signing now a very important bill from the standpoint of people and jobs and loans," President Trump said in his remarks before signing the bill into law.
"As Chairman of the Banking Committee, my priority has been to find agreement on commonsense reforms, particularly those targeted at improving economic growth," said Sen. Mike Crapo. "This bill’s passage marks one of our greatest achievements in the 115th Congress, but should not be unexpected. It is a bipartisan compromise, the changes are common sense, and it will allow financial institutions to better serve their customers and communities while maintaining safety and soundness and important consumer protections."
The bipartisan bill was passed by the House on Tuesday and right-sizes the regulatory system for smaller financial institutions, allowing community banks and credit unions to succeed and invest further in their local areas. Rather than spending time on compliance, these institutions can redirect resources toward what they do best–approving mortgages, providing credit, and lending to small businesses and families in their communities.