Emerging Regulatory Issues Archive
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House Passes Bill to Ease ‘Outdated’ Bank Regulation
The House passed a bill yesterday that seeks to ease ‘outdated’ federal regulations on banks and credit unions. Among other things, the legislation would make it easier for banks to open branches in other states, while also making it more difficult for retail chains, like Wal-Mart, to open bank-like industrial loan companies across the US. The bill, passed overwhelmingly in the House, now heads to the Senate for a vote.
“"A vote for this bill is a vote to allow banks, thrifts and credit unions to channel their resources away from complying with unneeded regulatory mandates and toward making loans and other financial services products to their consumers and small business customers," said Rep. Michael Oxley, R-Ohio, the House Financial Services Committee chairman.”