Banks poised to win Dodd-Frank changes

Banks poised to win Dodd-Frank changes

Banks are close to winning long-sought relief from strict regulations imposed after the 2008 financial crisis.

Congress is near the passage of a bipartisan deal to exempt dozens of banks from parts of the Dodd-Frank Act of 2010.

Federal agencies controlled by President Trump’s appointees are sprinting toward significant rollbacks of key Dodd-Frank rules meant to insulate banks from a disabling financial crisis.

And the acting director of the Consumer Financial Protection Bureau (CFPB) is dismantling the aggressive regulatory and enforcement practices that enraged Republicans and banks while pleasing Democrats and financial sector skeptics.

Advocates for banks and credit unions are beaming as Washington starts to pick apart Dodd-Frank, following years of pressure and wishful thinking.

“This is the beginning of a complete change in attitude among the policymakers of Washington,” said Wayne Abernathy, an executive vice president for the American Bankers Association (ABA), the top lobbying group for U.S. banks.

“These are just the hors d’oeuvres. This is setting the stage for a lot more important things to come.”

Sylvan Lane has more on those efforts and how they’d reshape banking law right here.

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