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.