While the new law lessens rules on a large number of USA banks, it stops short of eliminating much of Dodd-Frank.
President Donald Trump on Thursday signed into law the first rewrite of US banking rules introduced following the 2007-2009 financial crisis.
"We need to make sure that we're tweaking Dodd-Frank, that we're easing regulations on small community banks and credit unions", Brindisi said. The change would ease regulations and oversight on more than two dozen financial institutions, including BB&T Corp., SunTrust Banks, Fifth Third Bancorp and American Express.
The new sweeping reforms would save community banks that were being driven out of business by the rules and allow them to start lending again, said the president.
The bill would raise the threshold by which a bank is considered systemically significant, and subject to stricter oversight, to $250 billion from $50 billion.
Mortgages held in portfolio by banks with less than $10 billion in assets are automatically designated as "Qualified Mortgages", exempting them from ability-to-repay underwriting requirements by the Consumer Financial Protection Bureau. "Dodd-Frank was something they said could not be touched", Trump said. On Tuesday, the House voted 258-159 in favor of the bill, with 33 Democrats voting in favor. Republican House members have suggested they will seek to address some of the other provisions at a later date.
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"What those regulations did is it helped protect against further financial collapse and put some protections in place so the big banks weren't taking too many risky bets with our hard-earned money". The smaller banks are now no longer subject to stress tests. Heidi Heitkamp of North Dakota, among the 16 Democrats who voted for the legislation when it passed the Senate in March.
The bill makes a fivefold increase, to $250 billion, in the level of assets at which banks are deemed to pose a potential threat if they fail.
Custody banks such as State Street Corp. and Bank of New York Mellon Corp., which specialize in safeguarding assets as opposed to traditional commercial banking, get relief from some capital requirements.
Banks that issue fewer than 500 mortgages a year and are in good standing with regulators would also not be required to report certain data to the government.
But former Congressman Barney Frank, D-Mass., himself has said that the new law amounts to only a "little number" on his signature legislation, although Trump argued Thursday that he was keeping his commitment to "rescue these community banks from Dodd-Frank, the disaster of Dodd-Frank".
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.