The United States Senate Committee on Banking, Housing and Urban Affairs recently released a draft of the Financial Regulatory Improvement Act of 2015. Among other provisions, this Republican-sponsored legislation would:

  • For institutions that fall within a safe harbor, do away with the annual privacy notice to customers
  • Establish an Office of the Examination Ombudsman at the FFIEC that would be charged with investigating examination complaints
  • Allow an increase from $500 million to $1 billion in regard to banks that can qualify for an 18-month (as opposed to 12-month) examination cycle
  • Exempt from the Volcker Rule banks with assets under $10 billion
  • Allow certain smaller institutions to file less complicated call reports for the first and third quarters
  • Allow smaller banks the protection of a Qualified Mortgage for certain mortgages that are held in portfolio

To view a section-by-section summary, click here.