Montgomery was confirmed by the Senate 74-23 to serve his second stint at the FHA, where he previously was commissioner during the George W. Bush administration.
The agency's bulletin opens the door to banks' making more short-term loans to borrowers with lower credit scores — with few parameters beyond "sound underwriting."
The Justice Department announced this month that it would seek to reduce duplicative penalties against banks, although more reforms are needed to rein in other agencies.
The Senate bill is a huge win for the banking industry, but there are still plenty of unresolved legislative issues of interest to financial institutions.
The bill passed by the House took a more cautious approach to relief than prior legislative proposals but has still been hailed by banking industry groups.
Banks earned a record-shattering $56 billion in the first quarter, even before the regulatory relief bill is enacted. More victories, policy and otherwise, are on their way.
