Crapo Releases New Text of Bipartisan Regulatory Reform Bill

Sen. Mike Crapo (R-Idaho) tonight released a revised version of S. 2155, the bipartisan regulatory reform bill that he and four Democratic colleagues are championing. The revised text, which is thought to reflect bipartisan negotiations, includes several clarifications and a number of additional provisions.

One clarification appears to respond to a talking point of S. 2155 opponents related to the Federal Reserve’s enhanced prudential standards and authority for foreign banking organizations with total assets over $100 billion. Additions to the bill include a set of capital access proposals that have passed the House with bipartisan majorities and new provisions related to student loan borrowers. The revised bill also includes a new provision creating a database to help financial institutions fight synthetic identity fraud and a bipartisan measure introduced in both houses of Congress that would clarify the regulatory treatment of high-volatility commercial real estate loans.

American Bankers Association staff will closely review the revised bill text as debate continues. The Senate is expected to begin voting tomorrow on amendments to the bill, which includes numerous provisions long advocated by ABA as part of its Blueprint for Growth.