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Sen. Shelby Introduces Broad Financial Reform Bill

Posted on 5/14/2015

Senate Banking Committee Chairman Richard Shelby (R-Ala.) yesterday released a draft of a broad financial reform bill that would provide regulatory relief for banks of all sizes, tailor the regulatory structure for systemically important banks and begin restructuring within the Federal Reserve System and at Fannie Mae and Freddie Mac.

The bill's regulatory relief provisions include nearly two dozen measures that are part of ABA's and Agenda for America's Hometown Banks. Among its reg relief provisions, the bill would allow mortgages held in portfolio to receive the Qualified Mortgage safe harbor, establish an independent exam ombudsman, reduce the burden of unnecessary privacy notice paperwork, and more.

To view the bill draft visit: http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=6139c689-ace8-4fd6-8927-3b1f97c15a19

To view a section-by-section summary visit: http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=6139c689-ace8-4fd6-8927-3b1f97c15a19



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