The Senate Banking Committee met last week to hear from the heads of the federal regulatory agencies on their progress in implementing the provisions of The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). This exhaustive process is clearly a priority for the agencies and progress continues, according to the witnesses at the hearing and corroborated by our discussions with the various regulators.
Progress to date has been made in the mortgage area, 18-month exam cycle and other provisions of S. 2155. Proposed rules implementing an important capital provision, allowing for a minimum leverage ratio in lieu of compliance with complex Basel risk-based capital requirements, are expected prior to yearend. Further, the short-form call report proposal is anticipated over the next several weeks.
IBAT will continue to provide input on the implementation of these – and other – provisions of the regulatory burden relief legislation and will encourage your comments when appropriate and necessary.