Senate Committee Draft of Banking Improvements for 2015 Released

Eight titles with over 50 Sections are presented in the Financial Regulatory Improvement Act of 2015. Key compliance areas include proposed efforts on revising Dodd-Frank's "Qualified Mortgage" safe harbor, expanded exceptions on privacy notices, expansion of 18-month examination cycle for smaller insured depository institutions, review of outdated regulations, new FFIEC Ombudsman to investigate examination complaints, and removal of right of rescission waiting period for reduction in mortgage rates. Chairman Shelby described the effort as a “working document intended to initiate a conversation with all members of the Committee who are interested in reaching a bipartisan agreement to improve access to credit and to reduce the level of risk in [the] financial system.” [5/15/15]