December 05, 2017

Banking Committee Advances S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.”

WASHINGTON – Today, the Senate Banking Committee advanced the bipartisan “Economic Growth, Regulatory Relief and Consumer Protection Act,” S. 2155, with 16 committee members supporting the measure.

The bill will modernize regulations in a way that makes sense for small financial institutions, benefitting consumers and encouraging economic growth. S. 2155 primarily benefits credit unions, community banks, midsize banks, smaller regional banks and custody banks. It also includes important, significant consumer protections for veterans, senior citizens, victims of fraud and people who fall on tough financial times.

“The Economic Growth, Regulatory Relief and Consumer Protection Act is the product of a thorough, robust process, and honest, bipartisan negotiations,” said Chairman Crapo. “The reforms in this bipartisan bill help tailor the current regulatory landscape, while ensuring safety and soundness and relieving the burden on American businesses that are unfairly being treated like the largest companies in our economy. This bill holds real promise for Main Street banks, businesses and families.”  

During the markup, a Manager’s Amendment was adopted. The Manager’s Amendment, which can be accessed here, includes eight agreed-upon amendments which propose additional technical changes to the bill, as well as further credit bureau reforms, NCUA transparency measures, and additional consumer protections. 

Republican Co-Sponsors: Mike Crapo (R-Idaho), Bob Corker (R-Tennessee), Tim Scott (R-South Carolina), Tom Cotton (R-Arkansas), Mike Rounds (R-South Dakota), David Perdue (R-Georgia), Thom Tillis (R-North Carolina), John Kennedy (R-Louisiana), Jerry Moran (R-Kansas), Jim Risch (R-Idaho), Dean Heller (R-Nevada), Roy Blunt (R-Missouri) and Ben Sasse (R-Nebraska). 

Democrat Co-Sponsors: Joe Donnelly (D-Indiana), Heidi Heitkamp (D-North Dakota), Jon Tester (D-Montana), Mark Warner (D-Virginia), Tim Kaine (D-Virginia), Angus King (I-Maine), Joe Manchin (D-West Virginia), Claire McCaskill (D-Missouri), Gary Peters (D-Michigan) Michael Bennet (D-Colorado), Tom Carper (D-Delaware), Chris Coons (D-Delaware) and Doug Jones (D-Alabama). 

An updated section-by-section can be accessed here.

The original bill text can be accessed here, and the Manager’s Amendment, which includes all adopted changes, can be viewed here.