WASHINGTON — Banks and credit unions teamed up Monday to urge lawmakers to bring a regulatory relief bill reforming certain provisions of the Dodd-Frank to the full Senate floor for a vote.

The bill is the result of years or careful negotiations between Senate Banking Committee Chairman Mike Crapo, R-Idaho, and moderate Democrats to make targeted Dodd-Frank reforms. The legislation was cleared by the committee last month, and has enough support to avoid a Democratic filibuster.

“At a time of frequent congressional gridlock in Washington, this bipartisan legislation is a shining example of how our elected leaders can advance necessary solutions by working together and across the aisle,” said a letter signed by the American Bankers Association, Credit Union National Association, Independent Community Bankers of America and National Association of Federally-Insured Credit Unions.

Senator Mike Crapo, a Republican from Idaho and chairman of the Senate Banking Committee, makes an opening statement during a hearing in Washington on the Equifax cybersecurity breach.
The bill is the result of years or careful negotiations between Senate Banking Committee Chairman Mike Crapo, R-Idaho, and moderate Democrats to make targeted Dodd-Frank reforms. Bloomberg News

The letter was sent to Senate Majority Leader Mitch McConnell, R-Ky., and Sen. Chuck Schumer of New York, the Democratic leader. It urged them to “promptly” bring the bill up for consideration in a “fair and open manner.”

The bill mostly benefits institutions assets of less than $10 billion. However, the bill does take steps to roll back regulations for bigger banks, such as by raising the asset threshold for "systemically important" banks to face tougher supervision from $50 billion to $250 billion, and by easing stress testing requirements for midsize and regional banks.

Twenty-four senators have co-sponsored the legislation, including 11 Democrats and Angus King, I-Maine, who caucuses with the Democrats. The bill would likely pass if brought up for a vote.

The bill "offers an opportunity to demonstrate to the American public how Congress should work in unison when presented with beneficial and reasonable reforms to create and enhance economic growth," the trade groups wrote.

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