WASHINGTON — The Senate Banking Committee announced Wednesday that it has scheduled a vote for highly anticipated regulatory relief legislation on May 14.

The banking panel, led by Sen. Richard Shelby, R-Ala., has been working toward legislation on changes to the Dodd-Frank Act and other provisions since February, holding a number of hearings on the burdens to community and regional banks and exploring possible changes to the Federal Reserve and the Financial Stability Oversight Council.

Lawmakers will hold a hearing Thursday looking at new mortgage rules on Thursday.

The committee had previously set a goal of finalizing Dodd-Frank reform legislation by April, but never set a formal date for a vote. Shelby has said he's focused on working with Democrats on a bipartisan bill, but the specifics of what a compromise might look like are not yet clear.

Shelby has also scheduled hearings on reauthorizing the transportation bill and insurance issues through the end of April. The committee plans to hold two hearings on the Export-Import bank in early June.

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