WASHINGTON - Reductions in bank paperwork and reporting requirements were approved by the Senate Banking Committee on Wednesday, but in a blow to banks, the panel did not include any changes to the Community Reinvestment Act.

Many Republican members of the committee were frustrated by the elimination of CRA provisions from the regulatory relief bill, but the threat of a presidential veto persuaded Senate Banking Committee Chairman Alfonse M. D'Amato to remove them from the bill.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.