Congress Passes Regulatory Reform for Financial Institutions

On May 22, 2018, the US Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155), the most significant piece of legislation for financial institutions since the enactment of the Dodd-Frank Act in 2010. Sponsored by Senator Mike Crapo, the bill is expected to be signed by President Trump within the next few days as part of his administration’s continuing effort to reduce the regulatory burdens on financial institutions that have accumulated under the Dodd-Frank Act. In this Legal Update, we provide a section-by-section summary of the nearly 200-page Crapo Act.