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Treasury Issues Sweeping Bank Regulatory Reform Recommendations

Posted on 6/13/2017

The Treasury Department has issued a 150-page report making dozens of recommendations for how Congress and regulatory agencies can streamline bank regulation in a way that promotes economic growth. The report came in response to President Trump's executive order outlining core principles of financial regulation and calling for a comprehensive review of the regulatory structure.

The report called for significant tailoring of regulatory requirements. "[N]early seven years after [Dodd-Frank], regulation has proven to be insufficiently tailored to depository institutions based on the size and complexity of their business models," the report said. The report noted that economic growth and loan growth have been historically depressed during the current recovery, which Treasury attributed in part to the volume and structure of current regulations.

ABA submitted 10 white papers to Treasury offering detailed recommendations. In addition, delegations of bankers-including NBA Past Chairman Leslie Andersen of the Bank of Bennington- representing all sizes of banks took part in in-person meetings.

The Treasury report included recommendations on capital, liquidity, community banks, mortgage lending, and structural regulatory reform. While some of Treasury's recommendations require congressional action, Treasury Secretary Steven Mnuchin estimated that 70 to 80 percent can be immediately put into motion by regulators through their independent rulemaking authority. The report also highlighted numerous mortgage rules the CFPB could address on its own.

Read Treasury's report here

View a summary here

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