Regulatory relief

The Senate legislation could be crucial for three moderate Democrats backing the bill who are up for re-election this fall, although the package has divided the party more broadly.

Unable to come to an agreement on which and how many amendments will be offered to a Dodd-Frank regulatory relief bill, the Senate will have to return next week before voting on the legislation.

The latest version of a bill to give regulatory relief to small institutions includes language designed to ensure that large foreign bank holding companies do not also see their supervision eased.

More than 50 amendments had been filed by Wednesday afternoon to be considered as part of a Senate regulatory relief bill, but it was unclear which proposed changes if any have the approval of the legislation's key sponsors.

The resignation of National Economic Council Director Gary Cohn costs financial institutions a top ally in the Trump administration and could potentially further slow agency appointments -- including the two open spots on the NCUA board.

The Dodd-Frank Act consolidated massive authority under the Consumer Financial Protection Bureau, but acting Director Mick Mulvaney wants the bureau to take a back seat to states and other federal regulators.

The Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) is said to be "the most comprehensive regulatory relief to come onto the Senate floor in over a decade."

The resignation of National Economic Council Director Gary Cohn costs banks a top ally in the Trump administration and will likely further slow agency appointments.

On the eve of a crucial Senate vote to roll back parts of the Dodd-Frank Act, the divide between progressive and moderate Democrats on regulatory relief has never been starker.

The fight over the Senate's regulatory reform bill illustrates how entrenched Democrats and Republicans remain over the crisis-era law, eight years after its passage.