Banks Closer to Winning Regulatory Relief After Senate Deal
- Crapo’s accord with Democrats focused on smaller lenders
- Idaho Republican dealt with moderates after Brown talks failed
Senator Mike Crapo, a Republican from Idaho and chairman of Senate Banking Committee.
Photographer: Zach Gibson/BloombergThis article is for subscribers only.
The Republican leader of a key Senate panel has struck a deal with moderate Democrats to ease regulatory burdens on banks, setting up one of the best chances in years for lawmakers to make major changes to rules passed in the wake of the 2008 financial crisis.
The plan, unveiled Monday by Senate Banking Committee Chairman Mike Crapo, would mostly provide relief for small and regional lenders. Its revisions include freeing midsized firms from some of the strictest post-crisis regulations and cutting compliance costs for community banks. Still, it does include some minor tweaks that Wall Street has long sought.